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

Election manifestos and voters` Right to Know

Recognising the importance of election manifestos, the supreme court directed the election commission (EC) of India to frame guidelines directly governing the contents of the election manifestos in the case of S. Subramaniam Balaji v. State of Tamil Nadu & Ors. reported in (2013) 9 SCC 659. Although th

No support from govt, says ad veteran Sam Balsara

Advertising veteran Sam Balsara has lamented the lack of support from the government to the industry and said that it has completely ignored the sector. Balsara, the founder, chairman and managing director of Madison World and Madison Communications, said that the government needs to provide

Covid-19: New cases are increasing, but so are recoveries

Even as India continues to record more than 50,000 new Covid-19 infections every day for a week now, there was some hope in the rising number of recoveries as well, with a drop in the case fatality rate and a spike in the recovery rate. Thus, the country recorded the highest single day recov

Breaking new ground in Ayodhya: History is created

History was created as prime minister Narendra Modi participated in the foundation-stone-laying ceremony for the new Ram Temple in Ayodhya on Wednesday, ending centuries of controversy. Modi performed Bhoomi Pujan at `Shree Ram Janmabhoomi Mandir`, in the presence of a very limited number o

How to encourage and support breastfeeding amid pandemic

The most joyous moment of a woman’s life is to breastfeed her baby for the first time. Breast milk is the foundation to build a strong bonding between mother and child and must not be missed by any newborn in its nutrition uptake. The World Health Organization (WHO) is encouraging people to “su

Covid testing: India crosses 2 crore milestone

As part of its 3T strategy of focusing on testing, tracing and treating to contain the Covid-19 pandemic, India crossed a landmark, testing 2,02,02,858 COVID-19 samples so far. This is pursuant to the key strategy followed by state/UT governments under the guidance of the centre for managem

Governance Now 5th PSU IT Forum

Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter