Government targets Rs 3 trillion IT Export over next decade

KATHMANDU: The government has set an ambitious target of exporting information technology (IT) products and services worth Rs 3 trillion over the next 10 years. This goal, outlined in the budget for the upcoming fiscal year, aims to create 500,000 direct jobs and 1 million indirect jobs in the IT sector.

Finance Minister Barsha Man Pun emphasized that the next decade will mark a significant departure for the IT sector, with plans to position information technology as the backbone of the national economy. In support of this vision, the government has allocated Rs 590 million for various IT projects, including the establishment of data centers and the protection of intellectual property.

“The next decade will be transformative for our IT sector,” said Minister Pun. “We are committed to promoting IT as a key driver of economic growth and job creation.”

As part of the government’s strategy, IT Parks will be established in the Kathmandu Valley and Butwal using available government and private buildings. These parks will serve as work hubs for the next three years, providing a conducive environment for IT businesses and startups to thrive.

In addition, Rs 170 million has been earmarked for the creation of a Knowledge Park at Khumaltar in Lalitpur. This initiative aims to enhance the reliability of electronic data storage and provide internship opportunities for youth studying information technology, fostering a new generation of IT professionals.

The government’s comprehensive plan includes the development of infrastructure, policy support, and initiatives to bolster the IT sector. By investing in data centers and ensuring robust intellectual property protections, the government aims to create a sustainable and innovative IT ecosystem.

“This budget reflects our commitment to building a strong and dynamic IT sector,” said Minister Pun. “We are laying the groundwork for a future where IT is a cornerstone of our economy, providing high-quality jobs and driving export growth.”

The ambitious targets and substantial budget allocations underscore the government’s resolve to harness the potential of the IT sector. With strategic investments and supportive policies, Nepal aims to become a global IT hub, significantly contributing to economic development and job creation.

Fiscal Nepal |
Tuesday May 28, 2024, 04:34:56 PM |

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