The federal government has proposed allocating Rs. 5.394 billion for five new IT and telecommunication programs under the Public Sector Development Program (PSDP) for the upcoming fiscal year 2024–2025. The National Semiconductor HR Development Program (NSHRDP) Phase-I (IT Wing), the Expansion of Cellular Services in AJK and GB Phase-IV (SCO), the NGMS Core Upgradation (SCO), the Digital Economy Enhancement Project (MoITT/BoI/NITB/NADRA), and the Revamping of the IT Industry Landscape (PSEB) are just a few of the major projects for which the proposed funding is outlined in the PSDP. The Digital Economy Enhancement Project, which is supported by the World Bank,…
Author: Iqra Khan
Ray Yu, the vice CEO of Huawei Pakistan, paid a visit to Dr. Khalid Maqbool Siddiqui, the federal minister of science and technology, in Islamabad. Topics pertaining to the status of agreements reached during the Prime Minister’s visit to China were discussed during the meeting. According to Dr. Khalid Maqbool Siddiqui, Pakistan’s youth have a crucial role to play in the growth of the IT industry.He commended Huawei for their commitment to training 200,000 youth and extended the ministry’s support for the establishment of a training cloud to help them accomplish this goal. Twenty-five thousand IT graduates leave Pakistani universities…
The budgetary measures that have been opposed by the Association of Builders and Developers (ABAD) include raising the real estate Capital Gains Tax (CGT) to 15 percent for filers and 45 percent for non-filers and imposing a five percent federal excise duty (FED) on new plots, commercial, and residential properties in order to reduce speculation.Chairman of the ABAD Asif Sum Sum stated that extra charges are needless because the real estate industry is already burdened with too many taxes. He said, “New taxes will not only put additional strain on the real estate sector, but they will also discourage Pakistanis…
The Federal budget for FY25, according to brokerage house Topline Securities, would probably make room for a new International Monetary Fund (IMF) initiative.According to Topline’s analysis, the government’s tax actions under this budget are relatively balanced and less likely to cause inflation than anticipated. Prior to this, it was thought that the government would raise the GST by one percent, for example. If the parliament approves these reforms, the brokerage house believes that they will open the door for the IMF program.According to the study, the tax income target established by the Federal Board of income (FBR) is Rs. 12.97…
The government should maintain the exemption, according to the All Pakistan Newspapers Society (APNS), which has condemned the installation of a 10 percent GST, describing it as “disastrous for the survival of the already crisis-ridden print media.” The newspaper sector has already been affected by increasing production costs resulting from the depreciation of the rupee, as stated by APNS President Nazafreen Saigol Lakhani and Secretary Sarmad Ali in their rapid response to the Federal Budget 2024–25 that was presented in the National Assembly on Wednesday. In a united statement, they stated that “the imposition of GST on newsprint imported by…
The government has announced a budget of Rs 2.12 trillion for the armed forces For the fiscal year 2024 25, a 17.6% increase over the previous year. This amount represents 12.33% of total current expenses and 1.7% of GDP. After a 15% increase the previous year, this is the second year that the budget has increased significantly. Nevertheless, this amount does not represent the entire amount spent on the military because the government, not the defense budget, pays the Rs. 662 billion for retired military members. Major military projects and nuclear programs receive funding that is managed differently and is…
Senator Muhammad Aurangzeb, Pakistan’s Finance Minister, included Rs. 2 billion for energy-saving enthusiasts and Rs. 4 billion to promote electric bikes, or e-bikes, in this year’s budget. It remains to be seen, though, if this e-bike marketing is successful. This is because there weren’t many e-bikes available in Pakistan when the government last launched an e-bike program, therefore half of the bikes were standard motorcycles. Either way, the goal of these programs is to cut down on transportation-related carbon emissions while also reducing overall energy use. The Minister also emphasized Pakistan’s susceptibility to climate change and the government’s will to…
The Public Sector Development Program (PSDP) information for the federal budget for 2024–2025 have been made public. For the year 2024–2025, the Ministry of IT and Telecom has proposed spending Rs. 23.53 billion for 16 current projects under the PSDP. For the purpose of executing the e-office project in federal ministries and departments, the federal government intends to set aside Rs. 300 million. Furthermore, proposals have been made for the IT professional certification project to receive Rs. 100 million and the Crime Analysis and Smart Policing project under PITB to receive Rs. 80 million. The Cyber Security for Digital Pakistan…
The Punjab government has suggested increasing the province’s minimum wage to Rs. 37,000 from Rs. 5,000.The declaration was made by Punjab Finance Minister Mujtaba Shuja ur Rehman at the presentation of the financial plans for the 2024 2025 fiscal year. The province’s minimum wage is currently Rs. 32,000. The federal government had earlier in the day suggested raising the minimum salary in the federal budget from Rs. 32,000 to Rs. 37,000. The Punjab administration has proposed a 15 percent hike in pensions and a 25 percent increase in salaries, following the lead set by the center. All three of the…
Islamabad: The “Future of Women in Energy” Scholars Program, an initiative of the U.S. Pakistan Women’s Council (USPWC) in support of the U.S. – Pakistan “Green Alliance” Framework concluded its third consecutive year this summer. This year, the program hosted a group of 18 brilliant and diverse young women pursuing bachelor’s degrees in science or engineering in Pakistan. At Texas A&M University (TAMU) Qatar campus, these 18 scholars completed rigorous academic coursework on topics such as fossil energy, wind energy, solar energy, and nuclear energy, conducted laboratory experiments, and engaged in open discussion with leaders and alumnae in the energy…
