India Energy Week to focus on pivotal role of energy startups, says Hardeep Puri
New Delhi: The India Energy Week this year to focus firmly on the pivotal role of energy startups in shaping the future of India’s energy landscape, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri confirmed on Thursday here.
The curtain raiser event brought together luminaries from various sectors, including policymakers, investors, incubators, and industry leaders, fostering a rich discussion on the transformative potential of startups in the country.
“In recent years, India has not only emerged as a global economic powerhouse but has also firmly established itself as a ground for innovation and entrepreneurship,” Puri asserted.
The gathering also showcased the vibrancy of India’s startup ecosystem, with over 1 lakh DPIIT-recognized startups spread across more than 763 districts.
The minister added that, “The dynamic and diverse nature of the Indian market has not only attracted a multitude of startups but has also propelled many of them to the coveted status of unicorns.”
Puri further India has not only emerged as a global economic powerhouse but has also established itself as a hub for innovation and entrepreneurship. With over 110 unicorn startups boasting a combined valuation of $349.67 billion, the Indian startup scene is flourishing across diverse sectors, including energy.
The energy sector, with over 8000 registered DPIIT startups, has witnessed remarkable growth and innovation. The government, recognizing the potential of startups, has taken significant steps to support them.
The Ministry of Petroleum and Natural Gas is actively fostering an innovation ecosystem through Central Public Sector Enterprises (CPSEs). These CPSEs have invested Rs 208 crore in 232 startups, fostering a conducive environment for innovation.
The government has further demonstrated its commitment to promoting energy startups through initiatives like the Avinya- Energy Startup Challenge.
The recently concluded challenge received an overwhelming response with 116 innovative applications covering a spectrum of sectors, from upstream to circular economy solutions. During the event, the winners were also announced for the Avinya- Energy Startup Challenge. The winning startups- Irov Technologies Private Limited, Vasitars Private Limited, and Aloe Ecell Private Limited, showcased groundbreaking ideas ranging from underwater inspection using drone technology to eco-friendly batteries made from Aloe vera.
The minister also articulated the vision for India’s energy future, emphasizing startups as key players in achieving the country’s goals of becoming the 3rd largest economy by 2030 and energy-independent by 2047. With the demand for gas and oil expected to double by 2050, innovation in the energy sector becomes paramount for India’s energy security and sustainable development.
Acknowledging the recent successes in the 98/2 field and gas discoveries in the Mahanadi basin, the government encouraged ONGC, the National Oil Company, to play a leading role in transforming India’s energy systems.
The financial prowess of ONGC, with a net profit of over Rs. 70,000 crores in the last two years, attests to its vital role in the nation’s energy landscape.
In conclusion, the event underscored India’s potential to become a global energy startup destination.
Besides pushing a supportive policy environment, and a commitment to clean technology, India invites collaboration and innovation, promising a highly rewarding journey for those joining in the nation’s growth story.
The event began with expressions of gratitude to key figures such as Rajesh Kumar Singh, Secretary, Department for Promotion of Industry and Internal Trade, and Pankaj Jain, Secretary, Ministry of Petroleum and Natural Gas, for their valuable insights.
