Home » Budget 2024-25: Federal govt allocates Rs 79 billion for IT sector

Budget 2024-25: Federal govt allocates Rs 79 billion for IT sector

by Haroon Amin
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The federal government has proposed over Rs 79 billion for the Information Technology (IT) sector in the budget 2024-25.

Rs 8 billion would be allocated for the establishment of IT park in Karachi and Rs 11 billion for Technology Park Development Project Islamabad.

Furthermore, Rs 2 billion are allocated for Pakistan Software Export Board (PSEB) in this budget and Rs 20 billion are for Digital Infrastructure Information, the minister added.

Morover, the federal government has proposed an amount of Rs 5.394 billion for five new IT and Telecommunication schemes under the Public Sector Development Program (PSDP) for the upcoming financial year 2024-25.

The National Semiconductor HR Development Programme (NSHRDP) Phase-I (IT Wing), the Expansion of Cellular Services in AJK and GB Phase-IV (SCO), the NGMS Core Upgradation (SCO), the Digital Economy Enhancement Project (MoITT/BoI/NITB/NADRA), and the Revamping of the IT Industry Landscape (PSEB) are just a few of the major projects for which the proposed funding is outlined in the PSDP.

The Digital Economy Enhancement Project, which is supported by the World Bank, has been allocated Rs. 3.5 billion by the government. An overseas loan is used to finance this sum. Furthermore, a proposal for the Expansion of Cellular Services in AJK and GB Phase-IV (SCO) has been made, with a budget of Rs. 194 million.

Read more: Pakistan’s It Sector Defies Odds With 10% Mom Export Growth

For 2024–2025, a proposal has been made to allocate Rs. 100 million for the NGMS Core Upgradation (SCO) project. An allocation of Rs. 800 million has been made for the National Semiconductor HR Development Programme (NSHRDP) Phase-I. The IT Wing will oversee this programme.

The Revamping IT Industry Landscape project, which has been allocated Rs. 800 million by the federal government, aims to revitalise the IT sector. The Pakistan Software Export Board (PSEB) will carry out this project.

The upcoming IT initiatives in Pakistan are probably going to have a big effect on employment growth, especially in the technology industry.

  • Enhancement of Skills:

In order to develop human resources in the semiconductor industry, the National Semiconductor HR Development Programme (NSHRDP) was established. The project will provide skilled workers with employment options by providing training to specialists in this specialised field.

  • Growth of the Industry:

The goal of initiatives like the Revamping of the IT Industry Landscape (PSEB) and the Digital Economy Enhancement Project is to broaden the scope of the IT industry and digital economy. There will probably be an increase in employment opportunities in the IT industry as a result of this growth, ranging from technical to support and administrative functions.

  • Enhancement of Infrastructure:

Telecommunications infrastructure will be enhanced via NGMS Core Upgradation (SCO) and the Expansion of Cellular Services in AJK and GB Phase-IV (SCO). This may result in a rise in the need for support personnel and telecom specialists.

Though these projects have the potential to increase employment, it’s crucial to remember that employment as a whole also depends on the availability of a competent labour force. Pakistan currently needs to train more IT workers in order to meet industry demand and increase employability. It is imperative to implement skill-based training and higher education reform initiatives to guarantee that the increasing number of graduates are prepared for the workforce and can make valuable contributions to the IT services industry.

These initiatives have the potential to generate a lot of jobs, but how well they employ people will primarily depend on the calibre of education and training they receive.

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