Everyday News

Ministry of Planning, Development, and Special Initiatives Unveils Rs10Bn Pakistan Innovation Fund (PIF)

ISLAMABAD: The Ministry of Planning, Development, and Special Initiatives, following the guidance of the Prime Minister of Pakistan and Planning Minister Mr. Ahsan Iqbal, has introduced the Pakistan Innovation Fund (PIF) worth Rs. 10 billion to encourage entrepreneurship and creativity throughout the country.

invest with imarat

Islamabad’s emerging city centre

Learn More

 

 

The PIF aims to provide initial funding ranging from Rs. 5 million to Rs. 20 million to pioneering startups and small enterprises in areas such as education, health, agriculture, women’s entrepreneurship, governance, and technology. 

However, exceptional proposals from other fields will also be evaluated for their eligibility.

By promoting a culture of innovation and entrepreneurship, especially among the youth, the Pakistan Innovation Fund is expected to cultivate a dynamic ecosystem for innovative ideas and entrepreneurship in Pakistan.

The primary goal of the Pakistan Innovation Fund is to tackle vital economic concerns and extend support to innovators, startups, researchers, small-scale businesses, and SMEs in transforming their groundbreaking concepts into successful commercial enterprises.

The key objectives of PIF include backing the future drivers of economic expansion in Pakistan, generating local goods and services as a replacement for imports, and augmenting exports.

The Minister has urged startups, entrepreneurs, investors, and incubators to submit proposals and take advantage of this prospect. 

The application form can be downloaded via https://www.pc.gov.pk/web/pif, and the completed form should be dispatched to “Member Governance, Room 320, Pak Secretariat, P Block, Islamabad”.

The applicants must also submit a copy of the proposals online at this link.

Moreover, both hard and soft copies must be received by the Planning Commission before 30th April 2023.

The Ministry is eager to collaborate with all stakeholders to set an example in establishing Pakistan as a knowledge-based economy.

Laila Waqar

Laila Waqar is the Content Lead at Graana.com. With a bachelor's degree from LUMS, her expertise lies in curating research-based content in line with market marketing requirements. She is a detailed-oriented professional who focuses on delivering quality content that is enlightening and engaging.

Recent Posts

Baghbanpura Bazar: A Historic Market in Lahore

Lahore, known as Pakistan's cultural and historic heart, is home to numerous ancient sites, bustling…

2 hours ago

Garha Mor: A Notable Landmark in Vehari City

Garha Mor, a notable landmark in Vehari, Punjab, Pakistan, is significant in its location, accessibility,…

1 day ago

Aslam Market Wah Cantt: Pleasure of Shopping & Dinning

Located in the center of Wah Cantt, Aslam Market is a vibrant commercial hub that…

2 days ago

Abid Market Lahore: An Iconic Shopping Landmark

Located in the bustling heart of Lahore, Abid Market is a landmark shopping area well…

3 days ago

CDA Chairman Urges Rapid Completion of Major Islamabad Interchanges

ISLAMABAD, Nov 16 (APP): The Chairman of the Capital Development Authority (CDA), Muhammad Ali Randhawa,…

3 days ago

IMARAT Announces Launch of Pakistan’s Largest Sharia-Compliant REIT – A New Era of Real Estate Investment

Islamabad, Pakistan— IMARAT Group, a leading real estate developer and innovator in Pakistan, announces the…

3 days ago