Prime Minister Shehbaz Sharif has directed the relevant authorities to include substantial incentives for the Information Technology (IT) sector in the upcoming fiscal budget 2023-24. The aim is to boost the country's IT exports and provide opportunities for the youth in the rapidly growing sector.
Chairing a high-level meeting focused on the promotion of the IT sector, Prime Minister Shehbaz emphasised the need to prepare a comprehensive package for the IT industry in the forthcoming budget. He also decided to introduce a fixed tax regime specifically tailored for the IT sector. To facilitate this, a committee has been formed to submit immediate recommendations on the matter, according to a press release from the PM Office Media Wing.
The meeting also gave its principle approval for offering special incentives to new business start-ups in the IT sector. This move aims to encourage entrepreneurship and foster innovation within the industry. Additionally, the government has approved special concessions to promote business and trade through modern technology.
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Recognising the importance of encouraging youth to start their own businesses, the prime minister announced the creation of special training IT zones. These zones will provide targeted training to equip young individuals with the necessary skills to thrive in the IT sector. The prime minister emphasised the government's commitment to investing a significant amount in youth training for the IT industry. Currently, 45,000 young people across the country are undergoing IT training, and this number is expected to increase with the implementation of the new initiatives.
In line with the government's efforts to empower the youth, PM Shehbaz announced the distribution of 100,000 laptops on a merit basis among deserving individuals in the upcoming fiscal budget. He highlighted the success of a similar initiative during the previous tenure of the PML-N government, where distributed laptops played a vital role in supplementing the country's foreign reserves during the challenging times of the Covid-19 pandemic.
Setting ambitious goals for the IT sector, the premier has set a target to increase IT exports to the tune of $4.5 billion in the next year. This target reflects the government's determination to position Pakistan as a major player in the global IT industry.
The meeting, attended by prominent IT experts and key government officials, witnessed discussions on various recommendations to be included in the upcoming fiscal budget. Prime Minister Shehbaz emphasised the importance of incorporating these recommendations, as their approval would create significant job opportunities for the country's youth.
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Furthermore, the prime minister directed the authorities to take essential measures to provide special guidance and government assistance to young individuals aspiring to establish new companies in the IT sector. He also stressed the need to organise IT sector road shows abroad to raise awareness about the facilities and opportunities available in Pakistan's IT industry.
The proposed mega incentives for the IT sector in the fiscal budget 2023-24 demonstrate the government's commitment to nurturing the growth of the IT industry and creating a favourable environment for innovation and entrepreneurship. With increased investments, specialised training programmes, and targeted initiatives, the government aims to position Pakistan as a global hub for IT services and achieve substantial economic growth in the sector.
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