New Delhi : In a significant development for India’s energy sector, the Hon’ble Minister (PNG & HUA) addressed the India Energy Week’24 event, emphasizing the transformative role of energy startups.
Grateful for insights from industry leaders like Mr. Rajesh Kumar Singh and Mr. Pankaj Jain, the minister highlighted India’s emergence as a global economic powerhouse and a hotspot for innovation.
With over 1 lakh DPIIT-recognized startups and 110 unicorns valued at USD 349.67 billion, India’s entrepreneurial spirit is driving diverse segments, including the energy sector. The Ministry of Petroleum and Natural Gas is actively supporting startups through CPSEs, with a dedicated Rs.405 Crore startup fund and the establishment of the Project Development Cell (PDC) for investor-friendly initiatives.
The Avinya-Energy Startup Challenge, initiated by the government, attracted 116 applications across various energy domains. Winning startups, such as Irov Technologies, Vasitars, and Aloe Ecell, showcased groundbreaking innovations from underwater drone technology to eco-friendly batteries.
Envisioning startups as key contributors to India’s goal of becoming the 3rd largest economy by 2030, the minister stressed the need for innovation in the face of growing energy demand and a commitment to clean fuels. Acknowledging ONGC’s recent successes, including discoveries in the Mahanadi basin, the minister urged the National Oil Company to play a vital role in diversifying into renewables.
Highlighting ONGC’s robust financial performance with a net profit of over Rs. 70,000 crores in the last two years, the minister expressed confidence in ONGC’s ability to contribute significantly to India’s energy security. The minister concluded by inviting global collaboration in India’s clean technology and emerging fuels sector, asserting the country’s potential to be the world’s energy startup destination.
