Digital Economy a technological tool to unlock country’s growth

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2024-07-15T05:42:50+05:00 APP

ISLAMABAD   -   With a growing youth popula­tion, increasing internet penetration and thriving startup ecosystem, Pakistan is poised to become a signif­icant player in digital econ­omy and achieve the goal of national growth and pros­perity. However, experts have underlined the impor­tance of strengthening digi­tal infrastructure to exploit its true potential and lead the country towards sus­tainable development. The Information Technology (IT) is one of the top sectors to lead digital economy. Ac­cording to Economic Survey of Pakistan (2023-24), the IT industry currently gen­erates an annual export of around US$ 2.6 billion and to achieve the ambitious target of yearly exports of US$ 15 billion in next five years, at least 200,000 pro­ficient and specialized IT professionals are necessary. “We need to strengthen IT infrastructure and pro­duce skilled manpower to take full advantage of the potential existing in digi­tal economy,” said Chair­man Pakistan Information Technology Industry Asso­ciation (PSHA), Muhammad Zohaib Khan. Highlighting importance of building the sector on modern lines to meet international stan­dards, he also underscored the importance of improv­ing digital infrastructure and increasing internet connectivity. The present coalition government is paying special attention towards information tech­nology (IT) and had ear­marked over Rs 79 billion for it in the budget 2024-25, the highest allocation in country’s history. “The sec­tor is expected to touch $3.5 billion exports this year and the government is planning to enhance its exports to US $7 billion in years to come,” asserted Finance Minister, Senator Muhammad Au­rangzeb while highlighting the importance of this sec­tor in his budget speech. “Over Rs19 billion would be utilized for establishing IT Park in Karachi and a Technology Park in Islam­abad. In addition Rs two billion would be spent for Pakistan Software Export Board (PSEB) and Rs 20 billion are for Digital Infra­structure Information,” the minister added. There is no denying the fact that during past decade, Pakistan has witnessed a significant in­crease in internet penetra­tion, with internet users growing to 111.0 million at the start of 2024, stated Data Portal, a website pub­lishing Global Digital re­ports series. It says Pakistan was home to 71.70 million social media users in Janu­ary 2024, equating to 29.5 percent of the total popula­tion. A total of 188.9 million cellular mobile connections were active in Pakistan in early 2024, with this figure equivalent to 77.8 percent of the total population.

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