Did GAIL Increase Its Startup Investment Fund to Rs 500 Crore in FY25?
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Synopsis
In a bold move to foster innovation, GAIL has ramped up its startup investment fund to Rs 500 crore for FY25, as shared by Union Minister Hardeep Puri. This initiative is pivotal in positioning India as the third largest startup ecosystem globally. Learn how this funding will empower the youth and drive energy innovations.
Key Takeaways
- GAIL's startup fund increased to Rs 500 crore.
- Supports 38 startups across various sectors.
- Job creation of approximately 1,000 jobs in three years.
- India ranks as the third largest startup ecosystem.
- Union Budget allocates Rs 10,000-crore for deep tech and AI.
New Delhi, May 6 (NationPress) GAIL (India) Limited has significantly raised its startup investment fund from Rs 100 crore to Rs 500 crore for the financial year 2024-25, as announced by Hardeep Singh Puri, the Union Minister of Petroleum and Natural Gas. This move comes as India solidifies its position as the third largest startup ecosystem globally.
In a recent update on the X social media platform, Minister Puri emphasized the startup revolution occurring under Prime Minister Narendra Modi's administration.
He stated, "India has emerged as the third largest startup ecosystem worldwide. GAIL (India) Ltd's initiative, PANKH, is providing essential support to youth-led startups, thereby enhancing the country's energy capabilities through innovative solutions in the energy sector."
Puri elaborated that the state-owned energy company has boosted its startup investment fund to Rs 500 crore in the upcoming financial year.
"GAIL is currently backing 38 startups focused on natural gas, pipelines, petrochemicals, energy, renewable energy, and energy storage, which have collectively generated around 1,000 jobs over the past three years," Minister Puri added.
Recently, he also mentioned that six oil marketing companies (OMC) in India have allocated Rs 290 crore from their Rs 550-crore startup fund, supporting 303 startups to date.
According to Minister Puri, the country boasts over 1.5 lakh startups and 120 unicorns. "This remarkable journey is significantly aided by the six Oil Marketing Companies under the Ministry of Petroleum, which have established a Rs 550 crore startup fund. Already, Rs 290 crore has been invested to nurture 303 startups," he stated.
Puri described this initiative as a genuine empowerment and significant impact, attributing it to the visionary leadership of Prime Minister Narendra Modi.
In the Union Budget 2025-26, the government allocated a considerable amount towards the development of deep tech and AI-enabled platforms through a Rs 10,000-crore Fund of Funds scheme.
With over 1.59 lakh startups recognized by the Department for Promotion of Industry and Internal Trade (DPIIT), India has firmly established itself as a pivotal player in the global startup ecosystem.
Point of View
This strategic decision by GAIL (India) Limited reflects the government's commitment to nurturing innovation and entrepreneurship. The substantial increase in the startup investment fund signifies a robust effort to empower the youth and reinforce India's position as a global leader in the startup ecosystem.
NationPress
21/06/2025
Frequently Asked Questions
What is the new amount of GAIL's startup investment fund?
GAIL has increased its startup investment fund to Rs 500 crore for FY25.
How many startups is GAIL currently supporting?
GAIL is supporting 38 startups focused on various sectors including natural gas, energy, and renewable energy.
What impact will this funding have on job creation?
The startups supported by GAIL have created approximately 1,000 jobs in the last three years.
What is the significance of India's startup ecosystem?
India is now the third largest startup ecosystem globally, with over 1.5 lakh startups and 120 unicorns.
What initiatives are included in the Union Budget 2025-26?
The Union Budget 2025-26 includes a substantial allocation for developing deep tech and AI-enabled platforms through a Rs 10,000-crore Fund of Funds scheme.
