This paper assesses the development, perspectives and prospects of innovative technology which would be supporting social and economic sustainability in Pakistan. The study specially examines following points: (i) The trend in growth rate of IT industry. (ii) Comparison of growth at the time of beginning and now. It also draws attention on four factors: introduction of IT, its development, policy issues and innovative methods to implement. Study reveals that Pakistan entered into information age in early eighties. Telecommunication and IT in the country is now growing rapidly. Ministry of telecommunication has recently formulated a strategy for promoting IT industry in Pakistan. The real IT industry requires a world class-enabling infrastructure. In spite of so many prevailing confusions the people of Pakistan have vision and good amount of knowledge. Our education system must create an environment that encourages critical debate with positive dissonance. Information economy in the country needs expansion and improvement that lasts us lifetime. The country is still in the realm of conceptual controversies and is not based on our own experiences to support people’s expectations and relevant to realities of our times. The over all conclusion is that Pakistan has made a moderate growth in social and economic sustainability during the last 59 years. The trend of IT is going up steadily, but the time wise transformation of knowledge from the beginning till today is sluggish. It is less than 1.0% of our GDP.