The government will launch a Rs. 5 billion programme to assist IT startups.
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The federal government has decided to launch a Rs. 5 billion programme to support tech companies in the country as part of the next fiscal year’s (FY24) Public Sector Development Programme (PSDP).
According to an official document obtained by ProPakistani, the government has identified 9 projects under Prime Minister’s (PM) Initiatives in PSDP 2023-24, with the Prime Minister’s Initiatives Support for IT Start-ups and Venture Capital being one of these schemes slated for nationwide implementation in the new fiscal year.
The Federal Government has proposed Rs. 5 billion for the Prime Minister’s Initiatives Support for IT Start-ups and Venture Capital programme, and Rs. 10 billion for the PM’s Youth Programme for Small Loan initiative, according to the PSDP document. A total of Rs. 5 billion has been proposed for the Prime Minister’s Youth Skill Development Fund and the Pakistan Endowment Fund for Education.
Furthermore, Rs. 10 billion has been recommended for the Prime Minister’s Laptop Scheme, as well as Rs. 5 billion for the production of biochemicals and bioproducts.
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The government has proposed Rs. 5 billion for the Prime Minister’s Initiatives for Sports, as well as Rs. 5 billion for the Prime Minister’s Initiative for Green Revolution 2.0. The Prime Minister’s Initiative for Women’s Empowerment has been suggested with a budget of Rs. 5 billion.
Separately, the Prime Minister’s National Programme for Solarization of Agriculture Tubewells in Pakistan has been approved for Rs. 30 billion out of a total expenditure of Rs. 139 billion.
It is worth noting that the approval status of the Prime Minister’s Initiatives is still in the works and is scheduled to be completed on budget day.
Other projects, in addition to the PM’s initiatives, include the creation of a Governance Innovation Lab, Women on Wheels, a One Stop Service Centre for Special Economic Zones, and the Flood Protection Sector Programme (FPSP-III).
