IT Sector's Contribution to Economic Growth: Key Facts Revealed

The IT sector has emerged as a crucial contributor to Pakistan's economic growth, with freelancers playing a significant role in the country's exports. According to the Finance Minister for Finance and Revenue, Senator Muhammad Aurangzeb, the number of freelancers in the country stands at 2.32 million, with their contribution to IT exports amounting to 15%. However, it has been observed that many freelancers do not fully remit their export earnings, which is a major concern for the government. To address this issue, the government has taken steps to facilitate international remittances for IT companies and freelancers through the Roshan Digital Account (RDA). A working group has been formed, comprising representatives from the FBR, State Bank, IT ministry, P@SHA, and Freelancers Association, to ensure a collaborative approach and consistent policies. The group aims to provide targeted reforms to boost the IT sector and increase its contribution to the country's economic growth. Despite the challenges, the IT sector has shown immense potential, with new bank accounts being opened for freelancers at a rate of 500 per week. However, the number of freelancers with bank accounts remains low, at 38,000, which is a major area of concern. To overcome this, the government needs to implement targeted reforms and provide consistent policies to support the growth of the IT sector.