NEW DELHI: Six oil marketing companies (OMC) in India have invested Rs 290 crore from their Rs 550-crore startup fund -- nurturing 303 startups so far -- Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, said on Tuesday.
The Union Minister said the country continues to stand as the world’s third-largest startup ecosystem.
“India’s startup journey is not just about numbers. It is about dreams, determination, and a future shaped by innovation, ” said the minister in a post on X social media platform.
Hardeep Puri further stated that the country has over 1.5 lakh startups and 120 unicorns.
“Contributing to this remarkable progress are the 6 Oil Marketing Companies under @PetroleumMin, which have created a Rs 550 crore startup fund. Already, Rs 290 crore has been invested to support 303 startups, ” the Union Minister informed.
According to the minister, this is real empowerment, real impact, and a real vision for the "future-enabled by the far-sighted leadership of Prime Minister Narendra Modi".
The government, in the Union Budget 2025-26, made a substantial allocation towards developing deeptech and AI-enabled platforms through the Rs 10, 000-crore Fund of Funds scheme.
Union Commerce and Industry Minister Piyush Goyal, while addressing the ‘Startup Mahakumbh’ event recently, said that the government is committed to supporting startups as a facilitator, not as a regulator. Highlighting India’s growing strength in innovation, Goyal expressed confidence in the country’s potential in deep technology, artificial intelligence, and data analytics.
"This is the foundation on which I am confident India will foray in a big way into the world of innovation. We will make our presence felt on the global stage, " Goyal said.
According to industry leaders, the allocation of Rs 10, 000 crore funds for exploring and expanding deeptech in the country is a progressive and path-breaking step, which will open new avenues in the field of start-ups and innovation ecosystem, including AI.