The Policy Committee of Research and Development Fund of Ignite on Wednesday approved the Ignite budget of Rs 1.797 billion for the financial year 2019-20. Federal Minister for Information Technology and Telecommunication Dr. Khalid Maqbool Siddiqui chaired 33rd Policy Committee meeting of Research and Development Fund of Ignite here on Wednesday.
Federal Secretary Ministry of IT and Telecommunication Shoaib Ahmad Siddiqui was also present in the meeting.
Rs 1.797 billion Ignite budget for FY 2019-20 approved
The Committee was briefed about the Research and Development Fund and its mandate. The Committee gave approval of the Ignite budget of Rs 1.797 million for the financial year 2019-20.
The meeting was apprised that this budget money will be utilized for different ICT related projects of Ignite which will be helpful in the creation of business opportunities, entrepreneurship and human resource development in ICT sector.
A senior official revealed that Ignite financed proposals/ideas with Rs 3 billion during the last one-and-a-half-year while attracted additional Rs 4 billion from the private sector. Ignite collaborated with the Ministry of Information Technology & Telecom (MoITT) and established five National Incubation Centres (NICs) across the country.
The Ignite has created over 11,000 jobs, besides incubating 117 start-ups across these five incubation centres which have raised over Rs 4 billion in investments to scale their operations, and also refined their products and generated Rs 900 million revenue so far.
Sources further said that the Ignite envisages bringing innovation to help masses in education, agriculture, health, and energy sectors. Ignite is playing its key role by supporting such innovative ideas in all provinces of the country.
Meanwhile, the Federal Minister for IT chaired the meeting of USF Fund Policy Committee meeting. The meeting approved the minutes of the last meeting and endorsed the USF Fund budget of Rs 2.734 million for the financial year 2019-20.