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.

Comments

Other News

Retail inflation crosses 6% mark

Retail inflation based on Consumer Price Index for October has reached 6.09%, whereas year-on-year food inflation, based on Consumer Food Price Index, for October is 8.94%, an official release said on Thursday. Year-on-year inflation rate based on All India Consumer Price I

Cabinet approves museum at North-South Block complex

The Cabinet Committee on Economic Affairs, chaired by prime minister Narendra Modi, on Wednesday has approved the development of the Yuge Yugeen Bharat Museum (YYBM) at the North and South Block Complex, New Delhi, at an estimated total project cost of ₹3,230 crore, as appraised by the Public Investmen

Cabinet approves extension of Noida metro corridor

The Union Cabinet, chaired by prime minister Narendra Modi, has approved the extension of Aqua Line Metro Rail Corridor from Noida Sector-51 to Greater Noida Sector-04 of Noida Metro Rail Project with corridor for a length of 8.449 km with 5 elevated stations. On operationalization of this corridor, Noid

India reaffirms commitment to climate multilateralism

India has reaffirmed its commitment to climate multilateralism and the principles of Equity and Common But Differentiated Responsibilities and Respective Capabilities (CBDR-RC), calling for a fair, equitable and ambitious outcome at the 31st Conference of the Parties (COP31) to the United Nations Framewo

How the mind can help the body heal itself

Why do some people recover from illness against all odds? Can our beliefs, emotions and consciousness influence the body’s ability to heal? Drawing on over three decades of experience in medicine, research and medical innovation, internationally trained ophthalmologist and author Dr Dinesh Verma ex

1,364 anti-cancer formulations to cost less from today

The National Pharmaceutical Pricing Authority (NPPA), under the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, has capped trade margins on the Maximum Retail Price (MRP) of 137 anti-cancer drugs. This was based on the recommendations of an Expert Committee constitute