Breaking News

You are here » Indian-Commodity  :  Economy  :  Dharmendra Pradhan suggest PSUs to create startup funds


Dharmendra Pradhan suggest PSUs to create startup funds

In order to encourage innovation and to look after new ideas in the energy sector, Oil Minister Dharmendra Pradhan has recommended the public sector undertakings (PSUs) to create startup funds on the lines of private sector.  He said that with the start up funds they can create a synergy in innovation; biggest oil PSU ONGC has already offered Rs 100 crore for startups.

Minister said that methanol-based economy is a case of proven technology. It can create a lot of employment and entrepreneurship. He further said that the raw material (for producing methanol) should be coming from the Indian market. If they could monetize the agriculture waste and bio waste in urban areas to energy then there will be two benefits - Sizeable reduction of health expenditure and economy can be multi-fold. Recently, NITI Aayog has signed a Statement of Intent with the Methanol Institute of the US to further work on the technology.

Dharmendra Pradhan said that now India is importing Rs 4.5 lakh crore worth of hydrocarbons. Technology is there and blending of 85 per cent of ethanol in transportation fuel is possible. To reduce import dependency ministry is ready to offer Rs 1 lakh crore business to scientific community. Further, NITI Aayog has constituted an Expert Group to develop a roadmap for India to adopt 'Methanol Economy' after realizing the potential of methanol and DME (dimethyl ether) as a transportation fuel in road, shipping and rail. The group will explore various techno commercial angles to enhance production of methanol through natural gas, high ash content coal and through bio, agri and municipal solid waste.

Related News

View all news

India needs revolution in farm sector to achieve 9-10% GDP growth: Niti Aayog CEO

Niti Aayog CEO Amitabh Kant has stated that there is need to bring revolution in farm sector to attain 9-10% Gross Domestic Product (GDP) growth. He also said that there is a need to boost investment in......

ASSOCHAM pitches for growth rate of 8-8.5% per annum

In order to make India a $5 trillion economy by 2025, Industry body Associated Chambers of Commerce and Industry of India (ASSOCHAM) has come out with charter of demands and called on political parties......

PSBs likely to regain path of profitably in FY20 with expected fall in NPAs: ICRA

Rating agency ICRA in its latest report has stated that Public Sector Banks (PSBs) are likely to report net profit of Rs 23,000-37,000 crore in the next fiscal year 2019-20, after four years of consecutive......

Top News

View all news

RIL's telecom arm terminates agreement with Reliance Communications

Reliance Industries' (RIL) telecom arm -- Reliance Jio Infocomm (Jio) has terminated Master Agreement and Spectrum Trading Agreement executed between the company and Reliance Communications and its affiliates......

Hotel Leela Venture signs binding agreement with Brookfield

Hotel Leela Venture (HLVL) has entered into a binding agreement with a Brookfield Asset Management sponsored private real estate fund, to sell by way of slump sale, four owned Leela hotels located at Bangalore,......

Dr. Reddy's Laboratories launches B2B customer service portal 'XCEED'

Dr. Reddy's Laboratories has launched B2B customer service portal 'XCEED' to increase the operational efficiency. The portal is focused on meeting the growing demand for the company's portfolio of generic......