IT Ministry Asks Ministry-SBP to Revive IT Cash Reward

IT Ministry Asks Ministry-SBP to Revive IT Cash Reward.

Pakistan’s IT Industry Poised for Boost with Potential Revival of Cash Reward Program

Exciting news for Pakistan’s IT sector! The Ministry of Information Technology and Telecommunication (MoITT) has called upon the Ministry of Finance and State Bank of Pakistan (SBP) to revive the IT cash reward program, potentially injecting significant support and recognition into the industry.

Program on Hold, Now Back in Focus:

Launched in 2016, the IT cash reward program provided financial incentives to companies achieving milestones in IT exports. However, budgetary constraints forced its suspension in 2021. Now, with renewed commitment from the MoITT, the program could see a welcome comeback.

Funding Secured, Mechanism in Development:

Encouragingly, the Ministry of Finance has pledged to release necessary funds, while the SBP will compile a list of eligible IT services export companies. This paves the way for potentially 400-500 deserving companies to receive well-deserved rewards for their export contributions.

Timely Boost for a Thriving Sector:

This initiative coincides with a remarkable 17% surge in IT exports recorded in December 2023. This not only highlights the sector’s resilience but also its immense potential for driving Pakistan’s economic growth. Reviving the cash reward program further incentivizes continued growth and innovation within the IT industry, potentially leading to:

Increased IT exports: Rewarding past achievements can motivate companies to strive for even higher export goals.
Enhanced competitiveness: Financial support can empower Pakistani IT companies to compete more effectively in the global market.
Job creation: A thriving IT sector translates to more job opportunities for skilled professionals.
Foreign investment: Increased investor confidence in the sector can attract valuable foreign investment.

Disclaimer:

This information is for general awareness only and should not be considered as financial advice or an endorsement of specific government policies. Always refer to official sources for the latest updates and detailed program information.

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