Telecom sector has generated Rs850bn in 2022-23, says PTA report

Pakistan’s telecom sector generated Rs850 billion in revenues in 2022-23, marking a 17 per cent growth from the previous year and demonstrating the sector’s resilience amid challenges of inflation, high business cost, and economic slowdown, the Pakistan Telecommu­nication Authority (PTA) says in its annual report. The report says the industry holds substantial investment potential, with local industry investments of $5.7 billion, and FDI of $1.4 billion over the last five years from 2018-19 to 2022-23. “Despite economic challenges such as higher business costs and inflationary pressures in the fiscal 2022-23, the telecom sector showed resilience, expanding its services and generating telecom revenues up to Rs850 billion,” the report says. However, the industry sources say in real terms the telecom industry’s revenue has declined from $4.84 billion in 2018-19 to $3.03 billion in 2022-23, due to decline in the rupee value.