ONGC unveils start-up fund [Economy]
- Oil and Natural Gas Corporation (ONGC) unveiled a Rs.100 crore start-up fund to foster, nurture and incubate new ideas related to the oil and gas sector.
- The initiative, christened as ‘ONGC Start-up’, is in line with the Government of India’s initiative ‘Start-up India’.
- As part of this initiative, ONGC will provide entire support chain for start-ups including seed capital, hand-holding, mentoring, market linkage and follow-ups.
- The aim of the initiative is to increase the contribution of implementable ideas in the oil and gas sector.
- This initiative would promote entrepreneurship among the younger Indians by creating an ecosystem that is conducive for growth of start-ups in the oil and gas sector, which has a huge potential for technology-enabled ideas.