New Delhi, 6 May (IANS). Union Petroleum and Natural Gas Minister Hardeep Singh Puri said on Tuesday that GAIL (India) Limited has increased its startup investment fund from Rs 100 crore to Rs 500 crore in FY 2025. He said that India has become the third largest startup ecosystem in the world.
In a post on social media platform X, the Union Minister said that there has been a startup revolution in Prime Minister Narendra Modi’s government.
Union Minister Puri said, “The country has become the third largest startup ecosystem in the world. Gail (India) Limited’s Startup initiative ‘feather’ is giving a new flight to the startup of youth. It is strengthening the country’s energy power by promoting innovation in the field of energy.”
The Union Minister further stated that during the financial year 2024-25, the Energy Corporation of the government-owned Energy Corporation has increased the Startup Investment Fund from Rs 100 crore to Rs 500 crore.
Union Minister Puri said, “Gayle is supporting 38 startups related to natural gas, pipeline, petrochemical, energy, renewable energy, energy storage etc.. These startups have created around 1,000 jobs in the last three years.”
The Union Minister recently stated that six oil marketing companies (OMCs) in India have invested Rs 290 crore from their Rs 550 crore startup fund and nourished 303 startups.
Union Minister Hardeep Puri further said that there are more than 1.5 lakh startups and 120 unicorn in the country.
The Union Minister said, “6 oil marketing companies have contributed under petroleum and natural gas, who have made a startup fund of Rs 550 crore. Already, Rs 290 crore has been invested to support 303 startups.”
According to the Union Minister, it is a real vision for the real empowerment, real impact and the visionary leadership of Prime Minister Modi.
The government has made adequate allocation in the Union Budget 2025-26 to develop Dippatak and AI-competent platforms through the Fund of Funds Scheme of Rs 10,000 crore.
-IANS
SKT/ABM
