Details of Start-Up Funds Launched on the sidelines of PETROTECH-2016
‘Start-Up India’ initiative was launched by the 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 CPSEs under the 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 CPSEs have committed over Rs 300 crores funding for encouraging and supporting Start Ups. Some of them are tying up with IITs and today we are signing 2 MoUs with them. ONGC with IIT, Bombay and OIL with IIT, Guwahati.
In order to attract the best talent, the CPSEs are launching websites/portals on the same. Today we look forward to the launch of Portals of ONGC, OIL and IOCL on Start Up India to help build and nurture a successful Start Up ecosystem