Oil PSUs start up with Rs 320 cr fund, to invest in 30 innovators

The public sector undertakings should increase the funding under this initiative to Rs 320 crore annually: Dharmendra Pradhan

Ten oil companies owned by the Union government on Wednesday unveiled a Rs 320-crore fund to support 30 start-ups innovating in various sectors, including fuel and waste.

Addressing an event where the exchange of memorandums of understanding (MoUs) between the oil firms and entrepreneurs took place, Union Petroleum Minister Dharmendra Pradhan said the public sector undertakings (PSUs) should increase the funding under the initiative to Rs 320 crore annually, instead of just a corpus of the same amount. “Maybe some company among these start-ups can exceed the balance sheet of their partner company like ONGC,” Pradhan said.

Niti Aayog CEO Amitabh Kant said much of the innovation happening in India was for the world. 

The NDA government launched its start-up policy in January 2016. The funding of start-ups through various channels was Rs 15,800 crore last year, said Ramesh Abhishek, secretary, Department of Industrial Policy and Promotion.

According to a government press note, three to four new start-ups come up every day. Close to 4,400 technology start-ups exist in India, and the number is expected to reach over 12,000 by 2020. India is also at the third place after the US and Britain in terms of the number of start-ups, it said.

Of the 30 MoUs, Indian Oil Corporation signed the highest at 14. Besides, GAIL India launched a start-up policy at the event. 

According to the press release, there has been a constant flow of applications ever since the scheme was launched by the 10 PSUs last year. Some of the projects that were selected include electronic leak detector for detecting body and bunk leak of LPG cylinders, self-sustaining low maintenance toilets, multiuse fuel from agriculture waste biomass, remotely operated vehicles for underwater inspections and converting waste plastics to high-value petroleum fuels.

Start-Up Scene

• The NDA government launched its start-up policy in January 2016
• Close to 4,400 technology start-ups exist in India
• The number is expected to reach over 12,000 by 2020
• India is at the third place after the US and Britain in terms of the number of start-ups