Dharmendra Pradhan Urges Investors to Opt for Startups

Petroleum and Natural Gas minister Dharmendra Pradhan (Image : oneindia.com)

Petroleum and Natural Gas minister Dharmendra Pradhan (Image : oneindia.com)

07 September 2016, India :

Petroleum and Natural Gas minister, Dharmendra Pradhan, on Tuesday urged the public sector undertakings (PSUs) to create startup funds on the lines of private sector in order to promote innovation and nurture new ideas in the energy sector ET reports.

“I am advising my CEO friends in PSUs that if Ratan Tata can put his private funds for startups and so can Narayana Murthy, then why can’t you?” asked Pradhan. He was addressing a conference on methanol economy organised by NITI Aayog.

“ONGC has already offered Rs 100 crore for startups. Can we create a synergy in innovation and this kind of startup fund? This can be a win-win situation for all of us. Let us create a platform for our young Indians and scientific brains,” he said.

He further said, “How do we reduce our import dependency. My ministry is ready to offer Rs one lakh crore business to scientific community. Now India is importing Rs 4.5 lakh crore worth of hydrocarbons. Technology is there. Blending of 85 per cent of ethanol in transportation fuel is possible.”

He also said that petroleum consumption is increasing in the country.

“Last financial year, where the prediction of petroleum consumption was 7-8 per cent, the actual growth was 11 per cent. Petroleum need is growing in a bigger way. The rural India is emerging in a big way. Petrol consumption is increasing in hinterland of the country,” he added.

Realising the potential of methanol and DME (dimethyl ether) as a transportation fuel in road, shipping and rail, NITI Aayog has constituted an Expert Group to develop a roadmap for India to adopt ‘Methanol Economy’. Source- ET

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