IT and solar sectors have potential to pull the economy out of ICU. To break the begging bowl, IT exports can be expanded to $25 billion. Practice of increasing exports with slogans be abandoned.

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(August-23-2023)

Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Wednesday that the IT and solar industries can play a fundamental role in raising the country’s economy from its death bed.

IT exports can be increased to 25 billion dollars, for which the problems of this sector have to be solved, it has to be developed, and the tax burden has to be reduced, he said.

Mian Zahid Hussain said that apart from this, the taxes raised on the internet have to be withdrawn because the internet is closely linked to the internet.

Talking to the business community, the veteran business leader said that Pakistan and India gained independence together, Pakistanis are more qualified than Indians, and better results can be achieved by training them.

Presently, India’s IT exports are 194 billion dollars, while Pakistan’s IT exports are about two billion dollars. The size of our economy is 375 billion dollars, which is shrinking rapidly, while the size of India’s economy has increased to more than 3750 billion dollars, which is growing at a rate of 6.7%, he informed.

The business leader said that dozens of countries are trading with India in its currency, while people in Pakistan are not ready to trust their own currency, due to which the dollarization of the economy is increasing.

Mian Zahid Hussain said that if we compare the area and population of India, our IT exports should be at least $25 billion. If the right policies are adopted, we will not have to constantly beg the IMF and friendly countries for a few billion dollars.

He furthered that we have always ignored the requirements of the modern age, due to which IT, solar power, wind power, and many other sectors could not develop with time, and everyone tries his luck in the property business or buys a plot.

The property sector is getting more attention and resources than it deserves; therefore, the prices have jumped a lot, and now it has become impossible for the common man to own a house, he observed.

Mian Zahid Hussain said that India is quietly setting new records in the solar sector. Currently, 70,000 megawatts of electricity are being generated from solar resources in India, which is 15% of its total production, while the production of solar energy in Pakistan is only 1.16%.

Mian Zahid Hussain said that in 2001, India’s exports were sixty billion dollars, which have now reached 770 billion dollars, while our exports are below 30 billion dollars.

Our rulers are following the policy of increasing exports by raising slogans instead of better and more practical policies, the result of which is in front of everyone.

Even in schools where computer education is necessary, emphasis is placed on reading books instead of practical, he said.

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