Oil PSUs Invest ₹290 Crore to Support 303 Startups: Hardeep Puri

India's startup ecosystem continues to receive strong backing from both the government and public sector enterprises, as highlighted by Union Minister of Petroleum and Natural Gas Hardeep Singh Puri. On Tuesday, he announced that six Oil Marketing Companies (OMCs) under the Ministry of Petroleum have invested ₹290 crore out of a ₹550-crore startup fund to support and nurture 303 startups across various sectors. This initiative is part of the government's broader mission to strengthen India's position as a global innovation hub.

Minister Puri emphasized India's standing as the third-largest startup ecosystem in the world, with over 1.5 lakh startups and 120 unicorns. He stated that India’s startup journey goes beyond mere statistics—it embodies the dreams, determination, and innovation-driven future of the nation. According to him, the investment by OMCs reflects a vision of real empowerment and tangible impact, driven by the far-sighted leadership of Prime Minister Narendra Modi.

These investments are part of a larger effort by the Indian government to foster innovation and entrepreneurship. In the Union Budget for 2025-26, the government made a landmark move by announcing a ₹10,000-crore “Fund of Funds” to boost deeptech and artificial intelligence-enabled platforms. This fund aims to provide critical support to technology startups and will play a significant role in developing the next wave of innovations in India.

Minister Puri’s announcement was echoed by Union Commerce and Industry Minister Piyush Goyal during his address at the 'Startup Mahakumbh' event. Goyal reaffirmed the government’s commitment to acting as a facilitator rather than a regulator of the startup sector. He expressed confidence in India’s emerging strength in deep technology, AI, and data analytics, noting that these fields will lay the groundwork for India to establish a powerful global presence in innovation and tech-driven industries.

Goyal’s remarks also pointed to the strategic nature of the ₹10,000-crore deeptech fund, which industry experts have hailed as a progressive and transformative step. According to them, the fund will open up new avenues for startups, particularly in high-potential fields like artificial intelligence, machine learning, robotics, and advanced analytics. It is expected to enable Indian startups to compete on a global scale by providing them with the necessary capital and ecosystem support.

In addition to government funding, the proactive role of public sector undertakings like the six oil marketing companies demonstrates how state-run enterprises are aligning with the national innovation agenda. Their investments help bridge gaps in startup financing, particularly for early-stage ventures that may lack access to private capital.

Overall, the joint efforts of the Indian government, public sector companies, and industry leaders underscore a unified approach toward fostering innovation, economic growth, and technological self-reliance. With substantial investments, supportive policies, and a growing startup base, India is positioning itself to be a leader in the global innovation landscape, particularly in cutting-edge technologies like AI and deeptech.