Pakistan’s IT services industry is making impressive strides with a remarkable growth of 8.98% recorded in the first six months of the fiscal year 2023-24. According to official data, the industry’s earnings reached US $1,454.881 million, marking a significant increase compared to the same period in the previous fiscal year.
Pakistan’s IT industry on the rise?
The computer services segment, in particular, showed noteworthy growth with hardware consultancy services surging by 3.401% to reach US $404.875 million and computer software services increasing by 2.79% to US $310.807 million. However, certain services within the computer services sector, such as software consultancy services and repair and maintenance services experienced slight declines.
On the other hand, the export of information services dipped by 19.72% to US $1.750 million. Despite this, there were some positive signs of recovery as exports of information-related services increased by 3.64% to US $0.712 million. However, exports of news agency services experienced a significant decline of 30.48%, reaching US $1.038 million.
The export of telecommunication services increased by 3.89%, totaling US $278.650 million. Call center services saw significant growth with earnings surging by 12.14% to reach US $119.994 million. Other telecommunication services, however, saw a slight decrease of 1.58%, totaling US $158.656 million.
Also read: Pakistan Records Significant Month-On-Month Surge In Exports: Report
The growth of Pakistan’s IT services industry is a positive sign for the country’s economy, as it is a crucial sector for job creation and foreign exchange earnings. The government has been taking several measures to promote the industry, including tax incentives, infrastructure development, and skill development programs.
As the industry continues to grow, it is expected to create more job opportunities for the youth and contribute to the country’s overall economic growth. The impressive growth of Pakistan’s IT services industry is a testament to the industry’s potential and the government’s efforts to promote it.
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