Budget 2024-25: 357% increase 'proposed' for IT sector

ISLAMABAD: The federal government has proposed a significant increase of 357% in the budget 2024-25 for the IT sector, ARY News reported citing sources.

According to sources, the Ministry of IT has been allocated Rs 27.43 billion in the development budget, with Rs 6.28 billion for 15 new projects.

The government has also proposed allocating Rs 21.15 billion for ongoing projects and Rs 3.5 billion for the Digital Economy initiative.

Other notable allocations include Rs 1 billion for innovation in the IT industry, Rs 50 million for the national assembly’s digitalization, and Rs 300 million for smart office projects in government departments.

The government has also proposed allocating Rs 9.92 billion for the Islamabad Technology Development Park and Rs 6.78 billion for the establishment of an IT park in Karachi. The budget also includes a proposal for Rs 1 billion for the Cybersecurity Fund for Digital Pakistan project.

Also read:  Federal budget 2024-25 likely to be presented on June 12

In a separate development, the federal government announced a record increase in the budget allocation for education.

The Planning Commission announced that the education sector has been allocated a staggering Rs 20.25 billion for the budget 2024-25.

It is pertinent to mention here that the budget 2024-25 which was earlier scheduled to be presented on June 10 is now likely to be presented on June 12.

The Pakistan Economic Survey 2023-24 will be presented on June 11 after a meeting of the council on June 10, the sources said.