A study from the Institute for Integrated Development Studies (IIDS) shows Nepal increasing its footprint in IT service sales. Its latest report highlights that Nepal imported IT services worth more than Rs 67 billion in the year 2022. In total, the amount reaches Rs 67 billion, 66 crores, and 84 lakhs or $515 million.
The study determined its towering figures basing services from 106 IT companies and 66,509 freelancers in 2022. Out of the total, IT companies contributed $201 million, and freelancers with $69 million. Likewise, IT-enabled services by freelancers imported services worth $244 million during the same period.
To put into perspective, Nepal imported goods worth Rs 2 trillion in FY 2078/79. The Rs 67 billion earning becomes one-third of the total revenue generated from imports in the above-mentioned Fiscal Year.
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IT service import increased by 64.2%
Contributed by the ever-growing ICT sector in Nepal, the year 2022 saw IT service sales increase by 64.2% compared to 2021. IIDS highlights that in 2021, Nepali IT ventures and freelancers sold their services worth $313 million. The figure stood at $313 million in 2021, and $308 in 2020.
IIDS took 389 freelancers and 86 IT companies as its primary data for the study. As for the secondary data, the Institue used statistics from Nepal Rastra Bank, Inland Revenue Department, the Company Registrar’s Office, etc. while it also consulted with over 100 key stakeholders in the sector to derive its conclusions.
Nepal’s strong revenue from IT growth is also highlighted by Harvard Growth Lab data. In its stat, Nepal imported IT services worth $615 million in 2021. But such stats are not to be found in government statistics. Don’t miss: YouTube Shorts Creators to Get 45% off Ads
Nepal’s explosive growth in internet and technology has spurned fascination towards IT services, especially after the Covid-19 pandemic. In the IIDS survey, nearly 84% of IT service providers were in the 20-29 years age group.
