Prime Minister Pushpa Kamal Dahal 'Prachanda' has pledged to provision the setup of an innovation fund in the upcoming fiscal year's policy, programme and budget for the expansion of the information technology sector.

In his address to a programme organized on the occasion of the 7th National ICT Day here today, PM Prachanda informed that groundwork was being done for the formulation of necessary laws for the establishment of the innovation fund.

"The government believes that economic and social transformation can be achieved only through the development, expansion and use of communications and information technology," he said, adding, the young scientists will be encouraged to earn income through information technology at their own capacity and access.

He made it clear that the government was seriously working to integrate and effectively implement the 'Startup Programme' focusing on the youth.

Prosperity could be achieved through development, good governance and employment only by accepting information technology as the 'leading factor', the Prime Minister said while appealing to all concerned for rapid development in the field of communications and information technology for economic and social transformation of the common people through it.

"The government is committed to making necessary policy and legal arrangements to ensure the development, expansion and safe use of information technology," he noted.

PM Prachanda said the incidents related to cybercrime, which were on the rise lately would be controlled through legal and policy measures.