Pakistan’s IT sector has achieved a significant milestone by generating $2.59 billion in export earnings during the first 10 months of the current fiscal year (July-April 2023-24).
According to data released by the State Bank of Pakistan, this represents a 21% year-on-year increase compared to the same period last year.
The growth momentum is attributed to the country’s thriving IT industry, with a focus on software development, call centers, and other IT services.The IT sector’s remarkable performance is a testament to Pakistan’s potential as a hub for outsourcing and technology services.
The country’s skilled workforce, favorable business environment, and government support have contributed to the growth of the industry. The IT sector is expected to continue its upward trajectory, with projections suggesting that exports will surpass $3.5 billion by the end of the fiscal year.
The growth of Pakistan’s IT sector has a positive impact on the country’s economy, creating employment opportunities and contributing to foreign exchange earnings.
The government’s initiatives to promote the IT industry, such as relaxation of permissible retention limits and rupee stability, have also played a crucial role in the sector’s growth.
As the IT sector continues to thrive, Pakistan is poised to become a significant player in the global technology landscape.
