Govt lowers age limit for IT businesses
Aftab Ahmed
Islamabad: The government has approved the changes in key parameters to lower the age limit for IT-related business to avail the loan under Prime Minister’s Kamyab Jawan-Youth Entrepreneurship scheme (PMKJ-YES), a move that will help to achieve the $5 billion IT export remittances target.
This step aimed at boosting IT-related activities in the country to increase exports. The fiscal year 2019-20 had been a great year for IT and IT-enabled services (ITeS) exports.“A record of $1.231 billion has been received in IT and ITeS export remittances. The government has set a target of $5 billion for IT export remittances by FY23.
All men, women, and transgender people holding CNIC with entrepreneurial potential are eligible. For IT/E commerce-related business, the lower age limit will be 18 years, the government said in a revised ToRs.
The above age limit condition applied to individual and sole properties. In all other business forms, including partnerships and companies, only one of the owners, partners, or directors, must be in the aging basket.
After the consultation, the State Bank of Pakistan proposed some changes in the Scheme’s key parameters. The Economic Coordination Committee (ECC) had approved these changes to boost financing for IT and other businesses related activities in the country.
