The budget of the fiscal year 2019-20 focuses on the modernization of the health, communication, industry and education sector. However, compared with developed countries, these sectors in our country can be considered primitive to say the least.
To reach middle income country status by 2021 and to achieve the dream of becoming a developed nation, we must prioritize improving our ICT sector. The revitalization of the ICT sector holds the potential to create manpower, enhance the outsourcing sector and improve the scope for us to earn foreign currency.
Our thriving web-based economy also stands to benefit from the government’s support. Currently, there is a huge potential in the virtual economy which is yet to be utilized. In the last few years it has achieved unprecedented growth since the youth demographic makes up a large part of the population.
The ICT sector of our country should be
allocated more funds and resources
as it is a promising sector in our economy
The government has increased allocation for ongoing development projects in ICT sector in the budget and has also increased allocation for Information & Communication Technology Division. They have also allocated start-up fund for the new entrepreneurs.
However, industry analysts are worried due to the 7.5 percent VAT on Social Media and Virtual Business and the 5 percent VAT which has been imposed on Information Technology Enabled Services (ITES). According to them, the imposition of VAT can become a major obstacle for the smooth expansion of the sector.
The ICT sector of our country should be allocated more funds and resources as it is a promising sector with the potential of taking our country’s economy to new heights. The government should provide training to the unemployed youths in our country in information and communications technology as well as provide scholarships in this field.
The national curriculum must be altered to accommodate learning of subject for students of all ages. Higher education in ICT should be subsidized in order to ensure that that field is accessible to all. Grants for research and development in this field are also essential in order to achieve success which will hopefully be at par with the developed nations.