Browsing: Business

Pakistan’s IT sector thrives, earning $892.972 million in the initial four months of fiscal year 2023-24, reflecting a 4.45% increase from the previous year. Notable growth in computer services and software consultancy contributes to the sector’s dynamic performance.

Revolutionizing grocery shopping, Sauda Store in Pakistan introduces a Buy Now, Pay Later approach, integrating with corporate payroll systems for employee perks, and plans expansion with its extensive product range. The user-centric BNPL model promises stress-free shopping and financial ease, marking a unique innovation in the market.

Pakistan intensifies efforts against tax non-filers, threatening utility and mobile disconnections to broaden the tax base, while exceeding revenue targets and aiming for a positive shift towards higher direct taxes. The move aligns with IMF requirements for a crucial loan tranche, emphasizing the country’s commitment to fiscal responsibility.

Pakistan’s trade deficit shrunk by 34% in H1 FY24, reaching $11.148 billion, driven by a 5% boost in exports ($14.981 billion) and a 16% drop in imports ($26.129 billion). December 2023 alone witnessed a notable 13% monthly and 40% yearly reduction in the deficit, signaling positive trade balance trends.

The Pakistan Stock Exchange (PSX) begins 2024 with a strong surge, gaining 1,580 points in the KSE-100 index, building on the impressive 55% return in 2023. Factors such as a stable local currency, declining fuel prices, and positive investor sentiment driven by government initiatives contribute to the buoyancy in the market.

Pakistan Railways’ revenue soared to a historic Rs 41 billion in H1 2023-24, a substantial increase from Rs 28 billion in the same period last year. CEO Aamir Baloch emphasized improved employee salary disbursement, ambitious plans for passenger services, and the strategic move to boost revenue through increased Right of Way charges.

The Pakistan Stock Exchange’s KSE-100 Index achieved a remarkable 55% gain in 2023, propelled by favorable economic factors, increased investor confidence, and a surge in trading activity. The market outperformed various asset classes and ranked among the top three best-performing markets globally in terms of local returns.

The State Bank of Pakistan projects a decrease in inflation to 20-22 percent in FY24, citing measures like contractionary monetary policy and improved domestic supplies. However, the report emphasizes the potential impact of geopolitical tensions and global commodity price fluctuations on this outlook.

Business owners in Pakistan are experiencing a 42% surge in confidence, signaling optimism for the future despite ongoing economic challenges, according to a recent Gallup survey. Positive trends in various indicators, including the Gallup Business Confidence Index, reflect a notable shift in the business community’s sentiment.

NLC’s groundbreaking use of the TIR system to transport goods to Kyrgyzstan via China not only marks a pivotal moment in trade but elevates Pakistan’s global economic presence. The $2.5 million in trade savings reflects the efficiency of this transformative initiative, positioning Pakistan as a key player in international commerce.