Pakistan Federal Budget 2019-2020 : An Insight into Investment in Technology

Federal Budget Technology 2019-2020

Amount of budget reserved for the technology sector has always been less

Pakistan’s federal budget has not always laid much emphasis on science and technology. The budget of 2018 allocated the Ministry of Science and Technology with PKR 2.497 billion. How ever this is less than even 1% of the country’s GDP. Considering the low development of the country, lack of innovation and technological ventures, and the vast array of problems we are faced with, the Government would do better to invest a better amount into this sector.

Federal Budget 2018-2019

The Federal budget of 2019 was just recently announced and although the public has been imposed with an increase in hefty taxes, there have been slight improvements as well. The budget has reserved an amount of Rs. 100 million for the establishment, development, and advancement of technology parks in Islamabad.

Technology Parks and Their Critical Value

The importance of technology parks in the country cannot be undermined. They provide facilitated spaces, incubation facilities, all types of legal and administrative services, as well as many other perks to startups. Such technology parks will not only create new jobs but bring about more technological and entrepreneurial advancements. They will become a leading cause for foreign investment in the country and moreover just create a better atmosphere for innovation.

Lahore left out of this venture

While such an investment into such technology parks in Pakistan is a great step taken by the Government, other cities such as Lahore have been left out. Lahore, no doubt, is the hub of many industrial and business ventures. It has a high population rate, with vast infrastructure, and innovation peeking around and flourishing at every corner of the city. Lahore hosts many of the country’s leading universities with the HEC recognizing 67 established institutions of higher education ranging from areas of medicine, finance, art, architecture, business, technology, and law. Students leaving these institutions will be fresh in talent and skill, ready to employ their knowledge and expertise in the real world. Lahore also forms the center point to which people from remote areas and villages often migrate to in search of employment. It is also a leading pioneer in businesses and startups. Almost every company and business struggle to ensure it has some sort of presence in Lahore.

To leave out such a city, while planning out a country’s future technological developments is certainly a huge mistake. Not only are we missing out on the opportunity to gain heavy investment in the city but are also depriving hundreds of students of facilities and employment opportunities they would otherwise have had access to. These technology parks form places where business grow, get nurtured and pave way for future advancements. Investment in them will be nothing but fruitful for future in Lahore.