6 Oil Marketing Companies Invest Rs 290 Crore To Support 303 Startups: Hardeep Puri

(MENAFN- IANS) New Delhi, April 29 (IANS) Six oil marketing companies (OMC) in India have invested Rs 290 crore from their Rs 550-crore startup fund -- nurturing 303 startups so far -- Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, said on Tuesday.

The Union Minister said the country continues to stand as the world's third-largest startup ecosystem.

“India's startup journey is not just about numbers. It is about dreams, determination, and a future shaped by innovation,” said the minister in a post on X social media platform.

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.

Union Commerce and Industry Minister Piyush Goyal, while addressing the 'Startup Mahakumbh' event recently, said that the government is committed to supporting startups as a facilitator, not as a regulator. Highlighting India's growing strength in innovation, Goyal expressed confidence in the country's potential in deep technology, artificial intelligence, and data analytics.

"This is the foundation on which I am confident India will foray in a big way into the world of innovation. We will make our presence felt on the global stage," Goyal said.

According to industry leaders, the allocation of Rs 10,000 crore funds for exploring and expanding deeptech in the country is a progressive and path-breaking step, which will open new avenues in the field of start-ups and innovation ecosystem, including AI.

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