Government will Sponsor Tech-Based Business Ideas: Fawad Chaudhry

Federal Minister for Science and Technology Fawad Chaudhry on Wednesday announced that government will provide 70-100 percent loans for the execution of tech-based business ideas.

In a statement on Twitter, the minister wrote:

“If you have any tech-based business idea and you want sponsorship, we will give you seventy to hundred percent loan for execution of your idea, get yourself registered for evaluation of your ideas in July, get ready.”

As per the minister, the government will give 70-100 percent loan for execution of tech-based business ideas.

Meanwhile briefing a parliamentary panel on Wednesday the minister revealed that CEO of Facebook has been invited to participate in the Science Fair to promote science talent in the country.

“Science Fairs to be held on 31st August to showcase the innovations and to finance 100% to the technology-based business ideas of students”, said Federal Minister for Science and Technology, Fawad Chaudhry.

He was briefing the National Assembly Standing Committee on Science and Technology, which met with Sajid Mehdi in the chair here on Wednesday.

The minister said that the government would finance business ideas. The Committee appreciated the efforts of the Ministry for declaring the month of August as Science & Technology month and to conduct Science Fairs to be held on 31st August to showcase the innovations and to finance 100% to the technology-based business ideas of students. The government would provide loans at the rate of 6 percent mark up, he added.

Science Fairs to be held on 31st August to showcase the innovations and to finance 100% to the technology-based business ideas of students

The minister further informed the committee that a state of the art PCSIR laboratory would be established which is currently not linked with any industry. PCSIR has invented around 123-technologies but failed to showcase them. There should be a proper mechanism to publicize these technologies and Ministry in this regard is starting public awareness programs, he added.

Committee chairman said that technology is available but unless it is not transferred, it would be considered useless.

The Minister further said that PSQCA is the quality standard regulator but at the same time conducting the test.

The Committee was briefly apprised about the achievements made by the Ministry and scope of activities in which they have taken the initiative to convert at-least 30 Schools in each Division as Modern Science Stem School to promote modern scientific education amongst the youngsters.

The Committee was told that this task is given to the Universities working under control of the Ministry to explore the talent in different fields of Science. The minister said that only way to move forward and progress in science and technology. He further said that the lunar calendar, being prepared by a scientific committee formed by the government to end the moon-sighting controversy, would be ready by 15th of Ramazan. Chaudhry further said that ministry would prepare a mobile application for the sighting of the moon to end the moon sighting controversy in the country.

Committee member Abdul Shakoor said that how much the Ruet-e-Hilal Committee cost to which the minister replied that around Rs 4 million. Khawaja Saad Rafique proposed that Ruet committee should continue to exist and at the same time science should do its work.

Replying to a question the minister replied that institutions lack commercialization approach, but now they have to adopt this approach. The minister further proposed that there should be a national standard for foods, otherwise investment would stop. Food Authorities have many problems, he added.

The meeting was attended by MNAs, Engr. Usman Khan Tarakai, Abdul Shakoor Shad, Sobia Kamal Khan, Khawaja Saad Rafique, Zaib Jaffar, Dr. Samina Matloob and Naveed Aamir Jeeva besides the officials of the Ministry and attached departments.

Onsa Mustafa

Onsa is a Software Engineer and a tech blogger who focuses on providing the latest information regarding the innovations happening in the IT world. She likes reading, photography, travelling and exploring nature.
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