For the first time in the country, IT exports exceeded 1.5 billion

  • Pakistan’s information technology sector is on the path of growth, with the industry exporting 1.5 billion for the first time in March.
  • During the first nine months of the current financial year 2020-21, a significant increase of 1.512 billion was recorded in IT and IT-powered services.
  • Demand for Pakistani software houses is increasing in the United States, United Kingdom, European Union, and Gulf countries.

For the first time in the country, IT exports exceeded 1.5 billion

Increase in Pakistan’s IT exports

For the first time, the country’s IT exports exceeded  1.5 billion

Pakistan’s information technology sector is on the path of growth, with the industry exporting 1.5 billion for the first time in March, with IT receiving the highest export remittance of  213 million.

According to data released by the State Bank of Pakistan, during the first nine months of the current financial year 2020-21, a significant increase of 1.512 billion was recorded in IT and IT-powered services.

The industry saw an increase of  459 million or 43% over the previous period in which IT exports stood at 1.512 billion. The growth in IT exports was through software consultancy, business process outsourcing, e-commerce, telecommunications.

The Pakistani IT industry has invested in India’s worst-affected market, which is also a major exporter of IT services, but because of Code 19, the global industry has preferred Pakistani experts.

Demand for Pakistani software houses is increasing in the United States, United Kingdom, European Union, and Gulf countries. If stakeholders including software houses, government and relevant authorities come up with the best plan while minimizing IT barriers, then the country Exports could increase from 2 billion to  3 billion to 3.5 billion in the next fiscal year.

According to the old policies of the government, the IT sector was exempted from the tax network but the government had decided to withdraw the move. Companies are worried about the unethical practices of government departments.

Also checkout : Receives 2.5 Billion , Foreign Exchange Reserves At Highest Levels 

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