ONGC unveils start-up fund

  1. News: Oil and Natural Gas Corporation (ONGC) unveiled a Rs.100 crore start-up fund to foster, nurture and incubate new ideas related to the oil and gas sector
  2. The initiative, christened as ONGC Start-up’, is in line with the Government of India’s initiative ‘Start-up India’
  3. ONGC will provide the entire support chain for start-ups including seed capital, hand-holding, mentoring, market linkage and follow-ups
  4. Aim: To increase the contribution of implementable ideas in the oil and gas sector
  5. ONGC is setting up a dedicated website to take this initiative forward
  6. Impact: Would promote entrepreneurship among the younger Indians by creating an ecosystem that is conducive for growth of start-ups in the oil and gas sector, which has a huge potential for technology-enabled ideas

    Analysis: Start Up India mission by GOI is to encourage entrepreneurial spirit among youngsters. It has been provided on the motto – “Earlier youngsters used to look for employment but now youngsters will be giving employment. “

Start-up Ecosystem In India
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