Minister of Petroleum and Natural Gas
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"Start-up India" initiative was launched by Hon'ble Prime Minister Shri Narendra Modi on January 16, 2016 with an objective of fostering the entrepreneurship and promoting innovation by creating ecosystem that is conducive for growth of Start-ups.
MoP&NG had directed the Oil and Gas PSUs to facilitate/ create an innovation ecosystem and promote Start-ups in their respective fields. The initiative is to attract youth to innovate and the PSUs to support them through various means including setting up of incubation centres to harness the power of the ground-breaking approaches and solutions they produce.
The participating PSUs in the StartUp India initiative of Oil and Gas Sector are ONGC, OIL, IOCL, BPCL, HPCL, EIL, GAIL, NRL, MRPL and Balmer Lawrie. These PSUs have a committed total Startup fund of 320 Cr. for three years.
The CPSEs under the Ministry of Petroleum and Natural Gas are facilitating an innovation ecosystem and promoting Start-Ups in their respective fields.
The CPSEs have set up their Start Up fund aggregating to Rs. 320 Crore for 3 years. They have launched their Startup websites and have also tied up with various educational institutes like IITs, IIMs, NITs, etc. for mentoring support.
The Oil and Gas PSUs under this Ministry have selected 167 startup projects with a committed funding of Rs.195.30 Cr., of which Rs.120.65 Cr. have been disbursed to the selected startups. Some of the startups have already been matured.
Mentoring is done through both internal expertise and from institutions like Indian Institute of Technology (IITs) and Indian Institute of Management (IIMs).
The Startup Projects include themes related to various topics like Internet of Things (IoT)/ Industrial Internet of Things (IIoT)/ Software-asâ€“a-Service (SaaS) in HC value chain ops., Business Process, Clean Energy Options, Societal relevance, Health & Safety and Agriculture.
The Start Up fund committed by Oil PSUs for next 3 years is Rs. 291.91 Cr.