A recent report from the BBC claims that the Special Investment Facilitation Council (SIFC) is to blame for the rise in IT exports through business-friendly regulatory changes and reforms.
The report went on to state that the primary causes of this spike in IT exports are the stability of local currency and the policies that permit independent contractors to deposit their overseas income into local bank accounts. This growth is also attributed to the State Bank of Pakistan’s lowering of the retention cap for IT companies, which was set at 35 percent.
Each and every stakeholder was given the assurance that the IT industry is one of the Special Investment Facilitation Council’s top priorities.
Over 25 thousand IT graduates and freelancers received salary from foreign corporations, contributing significantly to the increase in IT exports and the resulting foreign exchange boom.
A substantial 357% boost in funding for the IT sector was suggested by the federal government earlier today, according to sources.
With Rs 6.28 billion designated for 15 new projects, the Ministry of IT has been given a development budget of Rs 27.43 billion.
