Pakistan-based freelancers contributed foreign exchange earnings worth $350.15 million during fiscal year 2024 (July-March), says the Economic Survey 2023-24.
The survey noted that recent developments, such as expanding broadband services, flexible pricing regulations for telecom operators amidst rising inflation, and the declining multi-SIM phenomenon, have led to a noteworthy increase in ARPU. In fiscal year 2024 (Jul-Dec), ARPU reached Rs. 284/month compared to Rs. 248/month in fiscal year 2023.
Pakistan offers its citizens some of the world’s lowest and most budget-friendly telecom prices. One GB of data cost in Pakistan is a mere $0.12, making it the lowest in the region and 6th lowest globally. An analysis of the effective price of one (01) GB of data over the years reveals a consistently declining trend, with data costs per GB registering a 71 percent decline since FY2018, decreasing from Rs. 114.6/GB to Rs. 32.8 /GB during fiscal year 2023.
The survey further noted that the IT industry in Pakistan currently generates an annual export of around $2.6 billion. However, to achieve the ambitious target of yearly exports of $15 billion in the next five years, adding at least 200,000 proficient and specialized IT professionals is necessary.
The industry holds substantial investment potential, with local investments of $6.3 billion and FDI (Inflow) of $1.4 billion from 2019 to March 2024.
Despite economic challenges such as higher business costs and inflationary pressures in fiscal year 2024 (July-March), the telecom sector showed resilience, expanding its services and generating telecom revenues of Rs. 735 billion (estimated).
During fiscal year 2023, the telecom sector remained a significant source of revenue generation, with Rs. 340 billion in GST, withholding tax, regulatory fees, initial and annual license fees, and other taxes. During fiscal year 2024 (July-March), the telecom sector also contributed Rs. 213 billion.
ICT export remittances have surged from $339 million (17.44 percent) to $2.283 billion during fiscal year 2024 (July-March) compared to $1.944 billion during the same period last year. In March 2024, ICT services export remittances surged to $306 million, an increase of 36 percent compared to $225 million in March 2023.
Compared to the previous month of February 2024, ICT services export remittances increased by $49 million (19.1 percent growth) in March 2024. The trade surplus of $1.996 billion, the highest in all Services (87.43 percent of total ICT export remittances), has been realized by the IT &ITeS Industry during the fiscal year 2024 (July-March), an increase of 15.84 percent as compared to a trade surplus of $1.723 billion during the same period last year.
At the same time, the Services sector has recorded a trade deficit of $1.655 billion during FY2024 (July-March). ICT sector exports of $2.283 billion are the highest among all services (39.31 percent of total export of services), with ‘Other Business Services’ trailing at $1.205 billion during the period.
The information and communication industry demonstrated growth of -3.02 percent because of a decline in telecommunication (Spectrum fee was down by Rs. 75 billion in fiscal year 2024 compared to fiscal year 2023).
Broadband subscriptions surged to 130.5 percent, increasing from 58.7 million in FY2018 to 135.4 million as of Mar 2024. These statistics emphasize the growing significance of broadband services in Pakistan’s digitally connected society.
Data usage in the telecom sector has seen a significant increase; the combined data consumption from both mobile and fixed broadband services in FY2024 amounted to a substantial 24,515 petabytes (estimated), emphasizing the pivotal role of broadband in Pakistan’s digitally connected society and the need for infrastructure expansion.
The post Here’s How Much Pakistani Freelancers Earned During FY24 appeared first on ProPakistani.
