The 2019-20 Budget announced by the government has been very kind to the Sci-Tech and IT & Telecom ministries.
With billions of rupees allocated for this sector, the budget clearly reflected the government’s strong resolution and dedication to boost the country’s economy through technology and bring a tech revolution in the country.
Hammad Azhar the state minister of revenue announced the budget on behalf of the government while presenting the budget in the parliament said,
“Our institutions will be strengthened and 2019-20 will be the year of change. The govt will avoid taking loans from the SBP to cover shortfalls, while inflation will be targeted to be kept between 5-7pc.”
They have gathered all the details from the budget that are related to science and technology, and the IT and Telecom sector and have explained briefly in this article.
Rs. 43 billion for Sci-Tech sector
They have set aside a total of Rs. 951 billion for the development of the country, out those 951 billion rupees Rs. 43 billion are solely allocated for the development of projects under the science and technology sector in Pakistan.
Rs. 7.341 billion for the IT&T sector
IT&T department in Pakistan, the government has allocated Rs. 7.341 billion budget, which the government will use to develop and complete 10 ongoing projects by spending Rs. 1.466 billion and other 19 new schemes will also be introduced from the remaining Rs 5.864 billion budget.
3% decrease in VAT on mobile phone imports
The government has attempted to provide a little relief to the mobile phone retailers to generate more revenue.
The Value-Added Tax (VAT) on mobile phone imports has been decreased by 3%, with an aim to recover from the 7% decrease in the cellular device imports in the last few months.
Allocation for telecom services and technology parks
The technology infrastructure in the Kashmir region. Moreover, a total of Rs. 100 million have been assigned for the development of technology parks in the federal capital.
In The End, the budget proved to be a disappointment for many and received severe criticism by the public and opposition due to huge taxes imposed with no remarkable relief to the people.
However, the budget clearly considers that the government is keen to bring important changes in the technology sector and we hope to see Pakistan make enough progress to compete with other popular tech evolved nations.