News: ONGC launches INR 100 Crore start-up fund for Oil & Gas innovations

A workshop on creating an innovation ecosystem for Start Ups in the oil and gas sector was held in New Delhi today. Shri Dharmendra Pradhan, Minister of State (Independent Charge) for Petroleum and Natural Gas was the Chief Guest on the occasion. Shri Amitabh Kant CEO, NITI Aayog delivered the Keynote Address. The workshop was attended by experts in this area, the CEOs and officers of the Oil and Gas companies and the officers of the Ministry of Petroleum and Natural Gas.

Prof Wali from, IIT Delhi, Prof Atrey from IIT, Bombay, Mr. Abhishek from 91springboard, an incubation centre for Start Ups and 12 start-Ups companies shared their experiences.

‘Start-Up India’ initiative was launched by Hon’ble Prime Minister of India on January 16, 2016. The initiative aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive for growth of Start-ups.

In pursuance of this, the PSUs under the administrative control of Ministry of Petroleum and Natural Gas were directed to facilitate/ create an Innovation ecosystem and promote Start–Ups in their respective fields through various means, including setting up of incubation centres. The Oil and Gas PSUs have taken up the responsibility and have allocated Rs 300 Crores for Start Ups and their detailed action plans are in the advanced stages of preparation. Many of the PSUs are looking to tie up with IITs and IIITs for incubation facilities and initial hand holding.

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