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ONGC Reveals Funds For Startup Scheme

Innovations are Need of Hour!

ONGC Divulges Rs.100 Crore Startup Fund

Like others, The Oil and Natural Gas Corporation (ONGC) is also planning to bring some innovations in oil and gas sector, and for this purpose, it has instigated Rs 100 crore as a startup fund in its Diamond Jubilee year. To provide a support chain for mentoring market linkage, hand-holding, seed capital and follow ups the funds will be offered under the ONGC startup scheme. ONGC is creating a dedicated website so that this initiative can be taken forward. In addition to this ONGC is also offering awards to its three young officers for their pioneering ideas.

More Innovations Leads to More Growth

According to the press statement, Chairman & Managing Director of ONGC, Dinesh K Sarraf believes that this initiative will encourage entrepreneurship among the Indian youngsters by forming an ecosystem that is favorable to the development of startups in the sector of oil and gas, which has an enormous potential for technology-enable ideas. Moreover, oil and gas sector is widely bestowed to the growth and development of the economy. The sector is facing various crucial challenges currently so innovative ideas are required to alleviate those challenges.

Do ONGC need more innovations for the growth of oil and gas sectors? Please share your thoughts in the comments section below.

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