Hi everyone! I hope you are all doing well. Welcome back to another blog. This article will discuss the topic in detail “Mega Incentives for IT in Budget 2023-24”. The government aims for a 3.5% growth target in the financial year 2023-2024. Many experts consider this GDP rate to be economically stable. However, what matters most is the future of the IT industry.
In the last 20 years, economic analysis has indicated that when annual GDP growth exceeds 2.5%, it can potentially lead to a reduction of 0.5% in unemployment. This equation offers a practical solution to achieve two goals simultaneously: boosting overall economic growth and decreasing unemployment.
Pakistan’s IT sector plays a crucial role in addressing the country’s pressing economic needs, such as maintaining a steady GDP rate and creating ample job opportunities. It took our nation five years to recognize this sector’s potential for contributing to our economic stability. Since then, industry professionals have been working diligently to raise the industry’s global profile in the technology arena.
As a growing technology player in the Indo-Pacific region, we are concerned about the low employability rate of our IT graduates, which stands at only 10%. This is troubling considering the increasing number of IT companies emerging in our country. Every year, approximately 300 startups are launched in Pakistan, but only a few of them manage to survive. Various issues hinder the progress of these successful businesses. Consequently, industry leaders bear a significant responsibility and must intervene to prevent their eventual collapse.
The Mega Incentive Package offers benefits for young people, including the establishment of IT training areas and providing special support, promoting trade through the use of modern technology. Another ambitious aim is to raise IT exports to $4.5 billion by 2024, positioning Pakistan as a significant player in the global IT industry. Now, the crucial aspect is how current participants can contribute to a shared objective.
Today, Pakistan has several government-established incubation centers. These centers support aspiring entrepreneurs by providing access to investors, grants, mentorship, and networking opportunities. They also help in commercializing ideas and contribute to the overall development of human capital. Additionally, incubation culture plays a crucial role in transforming the workforce by allowing contractors to create microwork platforms. These platforms benefit large companies in the industry by generating significant revenue and creating job opportunities for skilled workers.
This will have a widespread impact on the growth of emerging sectors such as startups, freelancing, and e-commerce. These sectors directly contribute to the country’s socio-economic situation. Additionally, with IT-friendly reforms, industry leaders can collaborate with tech giants like Apple, PayPal, Google, Amazon, etc., to enter the market. This will promote industry growth and strengthen our position in the global tech ecosystem.
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