Did 6 Oil Marketing Companies Invest Rs 290 Crore to Back 303 Startups?
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Synopsis
In a remarkable initiative, six oil marketing companies in India have invested Rs 290 crore to foster 303 startups. Union Minister Hardeep Singh Puri highlights India's position as a global startup leader, emphasizing innovation and future potential.
Key Takeaways
- Investment of Rs 290 crore by six oil marketing companies.
- Support for a total of 303 startups.
- India recognized as the third-largest startup ecosystem globally.
- Government's commitment to innovation through substantial funding.
- Focus on deeptech and AI for future growth.
New Delhi, April 29 (NationPress) In a significant move, six oil marketing companies (OMC) in India have allocated Rs 290 crore from their Rs 550-crore startup fund, fostering a total of 303 startups so far, as announced by the Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, on Tuesday.
The Union Minister emphasized that India continues to be the world’s third-largest startup ecosystem.
“The journey of India’s startups transcends mere statistics. It embodies aspirations, resilience, and a future driven by innovation,” the minister stated in a post on the X social media platform.
Hardeep Puri also mentioned that the nation is home to over 1.5 lakh startups and 120 unicorns.
“The six Oil Marketing Companies, operating under @PetroleumMin, have pioneered a Rs 550 crore startup fund. To date, Rs 290 crore has been directed towards supporting 303 startups,” the Union Minister highlighted.
This initiative represents genuine empowerment, tangible impact, and a visionary outlook for a future “enabled by the forward-thinking leadership of Prime Minister Narendra Modi.”
In the Union Budget 2025-26, a noteworthy allocation was made to enhance deeptech and AI-enabled platforms through a Rs 10,000-crore Fund of Funds scheme.
During the recent ‘Startup Mahakumbh’ event, Union Commerce and Industry Minister Piyush Goyal reiterated the government's dedication to supporting startups as a facilitator, rather than a regulator. He highlighted India’s escalating prowess in innovation, expressing confidence in the country’s potential in deep technology, artificial intelligence, and data analytics.
“This foundation ensures that India will make significant strides in the global innovation landscape,” Goyal remarked.
Industry leaders believe that the allocation of Rs 10,000 crore to explore and expand deeptech in India is a forward-thinking and groundbreaking initiative that will unlock new opportunities within the startup ecosystem, particularly in the realm of AI.
Point of View
I believe this investment by the oil marketing companies is a significant step towards enhancing India's startup ecosystem. It reflects a broader commitment to innovation and entrepreneurship, showcasing the country’s potential as a global leader in technology and deeptech. The government's proactive stance in facilitating such initiatives is commendable, and it aligns with the aspirations of millions of budding entrepreneurs across the nation.
NationPress
17/06/2025
Frequently Asked Questions
Which companies are involved in this investment?
The investment involves six oil marketing companies under the Ministry of Petroleum and Natural Gas.
What is the total amount invested in startups?
A total of Rs 290 crore has been invested to support 303 startups.
What is the purpose of the Rs 550-crore startup fund?
The fund aims to nurture and empower startups in India, fostering innovation and entrepreneurial growth.
How many startups does India currently have?
India boasts over 1.5 lakh startups and 120 unicorns, contributing to its vibrant startup ecosystem.
What is the government's vision for startups?
The government aims to support startups as a facilitator and promote innovation, particularly in areas like deeptech and AI.
