Dharmendra Pradhan urges PSUs to create start-up funds

New Delhi, Sep 6 (KNN)  In order to promote innovation and nurture new ideas in the energy sector, Petroleum and Natural Gas Minister, Dharmendra Pradhan, on Tuesday has urged the public sector undertakings (PSUs) to create startup funds on the lines of private sector.

He asked "I am advising my CEO friends in PSUs that if Ratan Tata can put his private funds for startups and so can Narayana Murthy, then why you can’t?"

He was addressing a conference on methanol economy organised by NITI Aayog

He further said that ONGC has already offered Rs 100 crore for startups. Can we create a synergy in innovation and this kind of startup fund? This can be a win-win situation for all of us. Let us create a platform for our young Indians and scientific brains.

Speaking on shifting towards the methanol-based economy, he said, it is a readymade case of proven technology. A methanol-based economy can create a lot of employment and entrepreneurship.

On this occasion, NITI Aayog signed a Statement of Intent with the Methanol Institute of the US to further work on the technology.

"The raw material (for producing methanol) should be coming from the Indian market. If we could monetise the agriculture waste and bio waste in urban areas to energy then there will be two benefits - sizeable reduction of health expenditure and our economy can be multi-fold," he said. (KNN Bureau)