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

Kerala’s Industrial and Commercial Policy: A case for collaboration, consultation

In 2014, the Ministry of Law and Justice published India’s ‘Pre-Legislative Consultation Policy’ or PLCP, a landmark policy that outlined a process and recommendations for lawmaking, through the incorporation of public participation and opinion. In 2024, we mark a decade of this policy, w

Elections 2024: Why Mumbai and Maharashtra verdict is crucial

In the ongoing Lok Sabha elections, Maharashtra with 48 Lok Sabha seats is of crucial importance for the final outcome. In the 2019 election, the Shiv Sena-BJP alliance won 42 seats including six seats in Mumbai, as well as one each in Thane, Kalyan, Bhiwandi, and Palghar, which fall in the Mumbai Metropol

Jammu-Kashmir makes indelible mark on electoral history

In a massive stride for India’s electoral polity, Jammu and Kashmir has registered its highest poll participation in the last 35 years in the General Elections of 2024. The Combined Voter Turnout (VTR) at the polling stations for the entire union territory, which has 5 Lok Sabha seats

New study tracks heat wave; exposes dangerous trends in big cities

An unprecedented heat wave has been enveloping Indian cities, worsening the urban heat island effect, this summer. A new analysis by Centre for Science and Environment (CSE) says there are far deeper and longer term evidences on the nature of this changing trend that is impacting the biggest cities of the

Phase 6: Voter turnout 59.06% at 7:45 PM

Polling in the sixth phase of General Elections 2024 which commenced across 58 PCs recorded an approximate voter turnout of 59.06% as of 7:45 pm Saturday. In spite of hot weather in certain parts of the country, voters were undeterred in their enthusiasm as they were seen queuing up patient

Banks not adhering to RBI guidelines, finds study

Banks across India are levying inconsistent service charges on basic savings accounts. A study, “Benchmarking Reasonableness of Service Charges by Banks in India”, uncovers and exposes inconsistencies in adherence to RBI mandates by banks. It finds some banks impose charges exceeding reasonable

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