Tech and Telecom

India is leveraging cutting-edge technology to support its farmers compared to Pakistan’s neglect of its agricultural sector. The recent introduction of AI-powered virtual news anchors by India’s state broadcaster Doordarshan shows the country’s forward-thinking approach to agriculture. These AI avatars provide crucial updates on weather, commodity prices, farming trends, and state welfare programs in natural tones, soon to be available in multiple regional languages. Conversely, Pakistan’s government, under Prime Minister Shehbaz Sharif, has shown a glaring disregard for its agricultural sector in the latest budget. Despite acknowledging agriculture as the backbone of Pakistan’s economy, contributing 24 percent to GDP and…

Pakistan’s tax-to-GDP ratio (including petroleum development levy) in tax revenues is projected to reach 11.5 percent in fiscal year 2024-25. According to Topline Securities, this will be the highest in seven years. For the last five years, this ratio has remained at 9.7 percent of GDP. To recall, petroleum development levy used to be classified as tax revenue until FY20. The FBR tax-to-GDP ratio has remained between 8.4 and 9.8 percent during the last six years. In the fiscal year 2024, Pakistan’s GDP increased by 2.38 percent, with strong growth in the agriculture sector which expanded by 6.25 percent compared…

New Zealand’s Kane Williamson has stepped down as captain of the white-ball teams and opted out of a national contract for the 2024/25 season following the Kiwis’ shock exit from the T20 World Cup. Despite stepping down as captain, Williamson will continue to play for New Zealand in all three formats. However, he has accepted a contract outside New Zealand starting in January. Williamson is expected to join a T20 franchise league in January, with potential destinations including Australia, South Africa, and the United Arab Emirates. It bears mentioning that he had previously relinquished the test captaincy to Tim Southee…

Nvidia has become the most valuable company on earth after it surpassed Apple ($3.32 trillion) and Microsoft ($3.28 trillion) after an explosive share price growth on Tuesday, with its market cap reaching $3.34 trillion. This surge, driven by Nvidia’s strong performance in the AI sector, saw its stock rise over 3 percent, international media reported late on Tuesday. The Technology Select Sector SPDR Fund’s upcoming rebalancing will significantly increase Nvidia’s representation, more than doubling to around 21 percent and similar to Microsoft’s share. In contrast, Apple’s share in the index will drop to about 4.5 percent. It is expected that…

India has surpassed Pakistan in nuclear capability, according to an annual assessment of global armaments by the Stockholm International Peace Research Institute (SIPRI) released this week. The United States holds the largest number of nuclear warheads, followed by Russia, the United Kingdom, France, China, India, Pakistan, North Korea, and Israel Occupation Forces. SIPRI emphasized that deteriorating geopolitical relations have increased the prominence and diversity of nuclear weapons, with countries deepening their reliance on nuclear ammunition. In 2023, nuclear-armed countries continued modernizing their weaponry, deploying new nuclear-armed or nuclear-capable systems. Out of 12,121 warheads in January 2024, about 9,585 were in…

Pakistan’s ambitious FY2024-25 budget strengthens prospects for an IMF deal, Fitch Ratings said in a report on Tuesday. It is uncertain whether fiscal targets will be hit, but even assuming only partial implementation of the budget, we forecast the fiscal deficit will narrow. This should reduce external pressures, albeit at a cost to growth. The FY25 (fiscal year ending 30 June 2025) budget draft, released on 13 June, is the first presented by the coalition government of Prime Minster Shehbaz Sharif. It projects a headline deficit of 5.9 percent of GDP and a 2.0 percent primary surplus (FY24 estimate: 7.4…

The Ministry of Planning and Development, under the leadership of Minister Ahsan Iqbal, has announced the establishment of the National Economic Transformation Unit (NETU) in PSDP budget 2024-25. This initiative aims to drive comprehensive economic reform and sustainable development across Pakistan. The NETU will serve as a strategic body focused on facilitating economic growth, enhancing productivity, and fostering innovation. It will work in close collaboration with various stakeholders, including government agencies, private sector entities, academia, and international partners, to implement evidence-based policies and initiatives that align with Pakistan’s long-term economic goal of becoming one trillion-dollar economy by 2035. Ahsan Iqbal…

Pakistan’s tax growth (including petroleum development levy) is projected to reach 40 percent for fiscal year 2024-25 compared to a 10-year compound annual growth rate (CAGR) of 18 percent. According to a statement by Topline Securities, the federal government will achieve its target as any shortfall to the extent of Rs. 300-500 billion, can be managed through cost rationalization i.e. cut in development and/or other current expenses like subsidy, etc or further increase in taxes by mid of next fiscal year. Tax measures taken under the new federal budget are quite balanced and less inflationary than expected, as earlier it…

Pakistan is the most financially attractive IT&ITeS outsourcing destination in the world, the Economic Survey 2023-24 revealed last week. According to Kearney’s 2023 Global Services Location Index, Pakistan is the most financially attractive IT&ITeS outsourcing destination in the world. The development of Pakistan’s ICT sector can be gauged from the fact that over 20,000 IT&ITeS companies are registered with the SECP, comprising both domestic and export-oriented enterprises. During FY 2024 (July-March), ICT sector exports reached $2.283 billion, the highest among all Services (39.31 percent of the total export of services), with ‘Other Business Services’ trailing at US $ 1.205 billion.…

Pakistan fast bowler Haris Rauf loses his cool after fans hurl abuse at him in front of his family, the cricketer found himself at the center of a social media storm following a heated encounter with fans outside a hotel. The incident occurred when a few eager fans bombarded Haris for selfies while he was with his wife, but the player refused to cater to the request of the fans, following this the fans abused him. This interaction quickly sparked an uproar on social media, with many fans accusing Haris Rauf of disrespect and poor behavior. The initial clip shared…