New Delhi, May 6 (IANS) GAIL (India) Limited increased its startup investment fund from Rs 100 crore to Rs 500 crore in FY25, Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, said on Tuesday, as the country becomes the third largest startup ecosystem in the world.
In a post on X social media platform, the minister said there has been a startup revolution in Prime Minister Narendra Modi’s government.
“Country becomes the third largest startup ecosystem in the world. GAIL (India) Ltd’s startup initiative ‘PANKH’ is giving a new flight to the youth’s startups. It is strengthening the country’s energy power by promoting innovations in the field of energy,” Puri informed.
The Union Minister further informed that during the financial year 2024-25, the state-owned energy corporation has increased the startup investment fund from Rs 100 crore to Rs 500 crore.
“GAIL is supporting 38 startups related to natural gas, pipeline, petrochemical, energy, renewable energy, energy storage etc. These start-ups have created about 1,000 jobs in the last three years,” said Minister Puri.
The minister recently informed that six oil marketing companies (OMC) in India have invested Rs 290 crore from their Rs 550-crore startup fund — nurturing 303 startups so far.
Hardeep Puri further stated that the country has over 1.5 lakh startups and 120 unicorns. “Contributing to this remarkable progress are the 6 Oil Marketing Companies under @PetroleumMin, which have created a Rs 550 crore startup fund. Already, Rs 290 crore has been invested to support 303 startups,” the Union Minister informed.
According to the minister, this is real empowerment, real impact, and a real vision for the “future-enabled by the far-sighted leadership of Prime Minister Narendra Modi”.
The government, in the Union Budget 2025-26, made a substantial allocation towards developing deeptech and AI-enabled platforms through the Rs 10,000-crore Fund of Funds scheme.
With more than 1.59 lakh startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT), India has firmly established itself as the key startup ecosystem in the world.
–IANS
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