The IT sector is growing radically. With the increase of government interest and taking care of current and previous governments, IT exports are growing each year. The government is facilitating IT exports and freelancers and giving building a feasible environment.
State Bank of Pakistan is also working on it and has increased the retention limit in Exporters’ Specialized Foreign Currency Accounts from 35% to 50%, encouraging IT exporters to bring more profits back to Pakistan and improving overall export numbers. Foreign Remittance accounts are also a good initiative by SBP to facilitate incoming remittances from all over the world.
By taking these steps, Pakistan IT exports increase to $3.2 billion for FY 2023-24. The IT exports increase by 24% year on year increase.
| Fiscal Year | IT Exports (in Billion USD) | Year-on-Year Increase (%) |
|---|---|---|
| 2022-23 | 2.58 | – |
| 2023-24 | 3.20 | 24% |
The IT sector in Pakistan can play a significant role in increasing exports. As per the 2018 Digital Pakistan vision, IT exports will reach 18 Billion dollars. Let’s hope and wish the government provides ease to the IT sector and solves Pakistan’s most significant current Internet issue.