Government Examines Cash Reward Program as an Alternative for IT Companies

July 10, 2024Zayn0

The government is considering another scheme, instead of giving cash rewards, for IT companies on their exports. The step is being taken to further enhance the country’s growing IT industry and increase the country’s IT potential in the global market.

Functional Committee on IT and Telecom Meeting

Recently, Shaza Fatima Khawaja, Minister of State for IT and Telecommunication, held the first meeting of the Functional Committee on Information Technology and Telecommunication. Major stakeholders who attended the meeting included Member IT Syed Junaid Imam, Member Telecom Muhammad Jahanzeb Rahim, and representatives from the Finance Division, Ministry of Commerce, State Bank of Pakistan, Pakistan Software Houses Association (P@SHA), and Pakistan Telecommunication Authority (PTA).

Deliberations on the Cash Reward Scheme

He also held a discussion with the chair about the existing cash reward scheme for the IT industry. On the narration of details by P@SHA S.G. the committee felt and opened official discussions about the introduction of a supplementary scheme to the cash rewards scheme that may lead to opening new opportunities for the IT exporters.

Creation of a Dedicated Committee

For the same, a committee, which includes Member IT Syed Junaid Imam, P@SHA Secretary General Nadeem Malik, and a member of the State Bank of Pakistan, has now been constituted. It will identify the possibility of alternatives to the cash reward scheme in detail and put-up recommendations to the government.

Boosting Global Competitiveness in the IT Sector

In fact, before this, the government should be appreciated for its move toward looking out for some alternative incentive schemes for IT exports. The commitment could be seen in its relentless effort to nurture the burgeoning IT industry of the country. Through granting appropriate and innovative incentives, the concerned sets of authorities set out to forge ever-higher global competitiveness for the IT companies of Pakistan and to boost further the already fast track of development in the IT sector.

Conclusion

The most recent meeting of the said committee, however, has led to the further development of detailed modalities for the existing cash reward scheme for IT exports. An in-depth weekly scrutiny of activities that the committee is to undertake will be closely monitored by IT industry players and other stakeholders, who view this as a step towards the said adopted alternative incentive mechanisms by the government.

Zayn

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