Burhan Mirza, a renowned name in the IT Industry shares his thought about the implementation of a 3.5% GDP growth rate and its consequences in the tech industry. The IT expert further shared the predictions for FY23-24 stating that there will be special incentives for emerging ventures that can promote entrepreneurship and enhance leadership in the IT sector.
As for the year 2023-24, the government is considering a 3.5% GDP growth rate, Burhan Mirza says that Pakistan is in dire need of maintaining the GDP rate as over the last 20 years annual GDP growth rate of 2.5% resulted in a 0.5% decline in unemployment suggesting a direct relationship between GDP growth rate and unemployment rate.
Therefore, Pakistan must maintain its GDP rate however employment in the IT sector must also increase alongside. Burhan Mirza stated that the rate of IT graduates’ employability is only 10%, creating an alarming situation based on the abundance of IT companies and startups inaugurating in the country.
Burhan Mirza predicts that the financial mega package will bring several benefits including the initiation of IT training zones, granting subsidies, and fostering trade via advanced tech. Burhan Mirza also expressed that the goal to flourish the IT sector is to surge exports to $4.5 billion in the coming year to become a major contributor to the global IT landscape.
The IT leader further laid down 6 categories of IT budget that can boost the economy:
- Fiscal growth.
- Employment opportunities.
- Export surging.
- Industrial growth.
- Human capitalization.
- Investment opportunities.
Burhan Mirza thinks that by leveraging IT-friendly changes, it is possible for Pakistan to partner with leading tech companies like Apple, Amazon, Google, PayPal, and others. Fostering IT sector can strengthen our economy and Pakistan’s position globally.
