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Assam’s Oil India Ltd. Announces INR 50 crorefund to boost Startups That Don’t Even Exist

Whose Benefitting At All?

A couple of days ago, we wrote about how Modi’s Startup India campaign has nothing to show for even after nearly 2 years of its announcement. Now comes a curious case about Assam’s state-run Oil India Ltd. The company has announced a Rs. 50-crore fund to help startups in the oil and gas sector.

But there is a catch!

The truth is there are no startups in that zone in India. At least not yet. So one naturally starts wondering what exactly is this fund for and who green-lit the idea. As per the reports, this Oil Start-up Fund was given a go-ahead by the company board on Sept 30. It is thought to be a program on the lines of Startup India.

Interestingly, a month back, ONGC had also launched a similar program by allocating Rs 100 crorestartup fund at their Diamond Jubilee function to help develop startups in the oil and gas industry. However, the above stated fact applies here too- there are no startups in India in this sector- be it private or public.

So Why Was Such a Scheme Made?

According to Utpal Bora, Chairman and MD, Oil India Ltd., the Oil start-up Fund will encourage young entrepreneurs to venture into the oil and gas industry. The special focus of this scheme is the youth of North-East India. The funds will help their startup dreams to grow and develop further.

It is yet to be seen if this scheme will actually help some startup or is it just another announcement made like so many others under the Startup India initiative. We are waiting for the fruition. That’s all.

What are your views on the formulation of such schemes? Do share your thoughts in our comment section below.

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Startup-Buzz Team

Startup-Buzz Team

Startup-buzz Team is a collaborative group of entrepreneurs, researchers, writers and experienced professionals. Tied up together to bring the latest Startup Buzz going around the globe.

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