New Delhi:  The PSUs under the Ministry of Petroleum and Natural Gas (Oil & Gas )  are on a mission to facilitate or create an Innovation ecosystem and promote Start Ups in their respective fields through various means, including setting up of incubation centres. The Oil & 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 planning to tie up with IITs and IIITs for incubation facilities and initial hand holding.

 A workshop on creating an innovation ecosystem for Start Ups in the oil and gas sector was held in New Delhi today (28 November 2016). Mr Dharmendra Pradhan, Minister of State (Independent Charge) for Petroleum and Natural Gas was the Chief Guest on the occasion. 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.

Mr 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.

In his address, Mr Pradhan said that energy is a binding factor for all and with the growing demand for energy in development envisaged through these initiatives the Start Ups providing innovative solutions in the field of energy are a need of the hour.

The minister emphasized that India’s Oil & Gas sector is on the threshold of becoming the key economic force in the development of the country. The Government and the Ministry of Petroleum and Natural Gas are building pathways through policy and investment opportunities. He urged all the participating companies across the hydrocarbons value chain to work towards creation of a robust start up ecosystem in oil and gas sector in India. This was the way for our ideas and aspirations, to take shape to find solutions to our growing energy demand.