Govt Invites Proposals from IT Industry for Federal Budget 2024

The Ministry of IT and Telecommunications has initiated steps to bolster the IT industry’s contributions to the national economy. Seeking to enhance IT exports in the upcoming fiscal year, the Ministry has solicited proposals from industry stakeholders.

Sources within the Ministry told ProPakistani that consultations with the Pakistan Software Houses Association (P@SHA), the representative body of the IT sector, are underway to gather insights and recommendations aimed at augmenting export figures.

Under the guidance of Minister of State, Shiza Fatima, an advisory committee comprising ten IT experts has been convened. Tasked with devising strategies to boost IT exports, this committee is set to formulate recommendations for the forthcoming fiscal year’s budget, alongside an action plan tailored to the needs of the IT and Telecommunications sectors.

According to sources in the IT Ministry, once recommendations are compiled from both the Pakistan Software Houses Association (P@SHA) and the Ministry’s advisory committee, they will be channeled to the Ministry of Finance for further consideration. Efforts are underway to ensure that a collaborative effort involving all stakeholders leads to the inclusion of pertinent recommendations in the fiscal year 2024 budget.

Moreover, the Ministry intends to engage the Special Investment Facilitation Council (SIFC) in refining strategies to elevate IT exports. By leveraging the expertise of the SIFC, an action plan will be devised to foster growth and competitiveness in the IT sector.

According to the IT ministry, the recent data from the state bank highlights a notable increase of $257 million in IT exports recorded in February 2024, credited largely to the initiatives facilitated by the SIFC.

Encouraged by this momentum, Ministry sources express optimism that sustained policy measures could propel IT revenues to a range between $3 billion to $4 billion in the upcoming fiscal year.