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

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.

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