Oil PSUs create corpus of Rs 320 crore to support start-ups

Oil and gas PSUs have set up venture capital funds to encourage start-ups

GN Bureau | October 26, 2017


#PSU   #oil   #gas   #Dharmendra Pradhan   #IOCL   #ONGC   #EIL   #OIL   #NRL   #BPCL   #HPCL   #GAIL   #MRPL  

 Ten public sector undertakings of ministry of petroleum and natural gas, including IOCL, ONGC, EIL, OIL, NRL, BPCL, HPCL, GAIL and MRPL, have created a corpus of Rs 320 crore to support start-up initiatives. 

Since the launch of the scheme by the PSUs, many applications and some extremely innovative ideas have come through. 
 
The 10 oil PSUs have together selected nearly 30 start-up projects for support in the first round of the scheme.
 
At the launch, union minister Dharmendra Pradhan laid emphasis on developing new business models, marketing plans, technology and innovations.
 
The oil and gas PSUs have set up venture capital funds to encourage start-ups based on innovative ideas in the energy sector. 
 
Pradhan said the initiative will change the status of the youth from job seeker to that of job provider.  He said the business partnership between the start-ups and the PSUs of petroleum ministry will create a new benchmark for growth and job creation as India has a huge potential for investment of over $300 billion in the energy sector in the next ten years. 
 
He said start-ups in the oil and gas sector are not short-term investments, but a long-term commitment. There are a wide variety of opportunities that present a wide spectrum of options for launching start-up initiatives. The oil minister said the government is committed to provide clean energy to every household of the country and in the last 15 months, three crore LPG connections have been provided under the Pradhan Mantri Ujjwala Yojana (PMUY).
 
“In the next 15 months, a target of providing more than four crore electricity connections has been set under the Saubhagya scheme,” he said. He called upon the oil PSUs to take advantage of the emerging technologies in the oil sector with the help of the youth to match the international standards.
 

Comments

 

Other News

Accuracy more important than speed in news: Anurag Thakur

Presenting authentic information is the prime responsibility of media and that facts should be properly checked before they are put in the public domain, union minister of information and broadcasting Anurag Thakur has said. “While speed with which the information is transmitted is imp

FM concludes pre-budget consultations

Union minister for finance and corporate affairs Nirmala Sitharaman has concluded the pre-budget consultation meetings for Budget 2023-24 that were held from November 21 to 28 in the virtual mode. More than 110 invitees representing seven stakeholder groups participated in eight meetings sch

Coal production rises by 18% to 448 MT

The total coal production in the country stands at 448 million tonnes (MT) for the month of October 2022 which is 18% higher than the production of the corresponding period of last year. The growth of coal production from Coal India Ltd (CIL) is also more than 17%. The ministry of coal said

How to execute large-scale social impact projects

The number of social innovators and entrepreneurs has considerably increased recently in India. The idea of social entrepreneurship, which aspires to provide novel solutions for the world`s most critical social issues, is now receiving more attention. Challenges like overworked healthcare,

Plastic is no longer a waste management issue

Plastic is arguably the most ubiquitous material of our times. In this Age of Plastic, it might seem its use can’t go up any further – and yet it keeps going. Between 2000 and 2015, global production of plastic increased by a whopping 79%. The total mass of plastics on our planet is now twice t

Celebrating the Ganit of Protein!

“Why is the child growing?” is the question that bothers a lot many in the administration. The answer, to be honest, is to be discovered via science, and less via what we call ‘effective administration’. Eventually, it will be the latter that will enforce the former on the field, bu

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter