Start-ups can be great asset for enhancing domestic crude production: Dharmendra Pradhan

New Delhi, October 26: The Start-up programmes in Oil and Gas sector for entrepreneurs has been launched by the Petroleum Minister Dharmendra Pradhan. To encourage start-ups based on innovative ideas in the energy sector the oil and gas PSUs have set up venture capital funds. Talking about the Start-up programmes, Prime Minister Narendra Modi said that Start-ups are the engines of exponential growth, manifesting the power of innovation. 

Addressing the event, Pradhan said that enhancing domestic crude production, affordable renewable energy, and energy conservation, start-ups can be great asset in areas. Oil and Gas Sector in India has the investment potential of 300 Billion USD in next 10yrs. Shows the volume of business available for startups.

He further added that extremely pleased with the collaboration between Oil PSUs and pioneering academic institutions such as IITs and IIMs to handhold the Start-ups. We need to believe in these Start-ups. Indians should partner the Industrial Revolution 4.0. It is time to give jobs rather than seek jobs in the country, these Start-ups would aid such a growth in the country.

Pradhan said that under the Saubhagya Scheme, a target of providing more than four crore electricity connections has been set in the next 15 months. 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.

Under the Ministry of Petroleum and Natural Gas which includes the IOCL, ONGC, EIL, OIL, NRL, BPCL, HPCL, GAIL and MRPL, 10 public sector undertakings have created a corpus of Rs. 320 crore to support start-up initiatives.