India witnesses emergence of many unicorn start-ups that are reshaping our economy and markets: Union Minister Hardeep S Puri

Oct 11,2023

India with its vibrant entrepreneurial spirit and booming start-up ecosystem, has witnessed emergence of many unicorn start-ups that are reshaping our economy and markets, said Shri Hardeep Singh Puri, Minister of Petroleum & Natural Gas and Housing & Urban Affairs. He said that India today ranks 3rd globally in terms of the unicorn count and has over 100 unicorns with a combined valuation of ~347 billion USD.

The Minister was speaking at ENRich 2023, the 14th edition of the KPMG’s Innovation and Energy Conclave.

Under the "Start-up India" initiative launched by Prime Minister Shri Narendra Modi, the Minister said that the Ministry of Petroleum & Natural Gas had directed the Oil and Gas PSUs to facilitate/ create an innovative ecosystem and promote Start-ups in the fields such as IOT in Upstream/ Midstream/ Downstream operations, Digitalization of business processes, Green Fuels, Alternative Energy etc.

“The PSUs of Oil and Gas Sector have created startup funds aggregating to Rs.405 crore. 232 startups have been funded by Oil and Gas PSUs with a disbursed value of Rs.208 crore”, he emphasized.

The Minister recalled some examples of successful startups including Bandicoot, a robotic scavenger, developed by Genrobotic Innovations, who were provided grants, mentor support and specific technical assistance by BPCL under Project Ankur, to improve the working conditions of sanitary workers.

Shri Puri lauded Vasitars Private Limited-a technology-based company funded by IOCL that provides complete in-situ Composite Repair Solutions to all kind of damage scenarios in transmission pipelines by using Patent Registered innovation Nano Filler Reinforced Polymer Composite Wrap to Repair Corroded Pipelines. He said that this project holds the promise of revolutionizing pipeline repair in India.

Highlighting the significance of the theme of the KPMG’s conclave- ‘Growing with Less’, the Minister said that the theme perfectly synergizes with Indian ethos of living in harmony with our surrounding ecosystem.

The Minister said that India’s energy demand will continue to provide fuel for future economic growth, as it grows exponentially: India is world’s 3rd largest consumer of oil, 3rd largest LPG consumer, 4th largest LNG importer, 4th largest refiner, 4th largest automobile market.

India will account for 25% of global energy demand growth over the next two decades, he added.

Noting the role of energy industry in India’s journey of decarbonization, he mentioned about the commitments of oil and gas public sector companies to achieve their net zero emissions - scope 1and 2 during the period 2038 – 2046.

Highlighting the rapid strides made by the country in biofuels, the Minister noted that India is today the 3rd largest producer and user of ethanol, thanks to nearly tripling production in the past five years. Ethanol blending in petrol has increased from 1.5% in 2014 to currently ~11.70%, he said.

He added that we have advanced the 20% ethanol blending target to 2025-26, ahead by 5 years and approx 5000 fuel stations are already dispensing E20 fuel.

Referring to the prototype of World’s 1st BS-6 Stage-II, Electrified Flex fuel vehicle, recently unveiled by India, the Minister said, the country is encouraging flex-fuel vehicles to drive adoption of biofuels at scale as it traverses on its journey to move towards E20 blend ecosystem.

Talking about the Global Biofuel Alliance (GBA), launched by India along with USA and Brazil, at recently concluded G20 summit to transform the global biofuel landscape, Shri Hardeep Singh Puri said that this collaborative platform will facilitate knowledge sharing on key aspects such as best practices, technology development and adaption, policy learnings and market development. The biofuel alliance presents us with $500 billion opportunity as we expedite the uptake of biofuels globally by facilitating technology transfer, he said.

The Minister also spoke about green hydrogen, the Minister said that green hydrogen is another sustainable fuel growth opportunity where India is moving fast. The Green Hydrogen Mission launched by the government aims to produce 5 MMTPA of green hydrogen by 2030. He said that future lies in green hydrogen.

Traditional energy sources are essential for meeting base load requirements, while new and innovative energy sources are critical for combating climate change as we continue to strive to ensure energy availability, energy affordability and energy accessibility for our citizens, he said.

In his concluding remarks, the Minister urged the stakeholders to explore investment opportunities in Indian energy industry and engage in sustainable business that works keeping societal and environmental goals in mind as it is the only mode through which businesses shall thrive and survive in the future.

In the beginning of event, the Minister visited a exhibition showcasing the advance technologies in various sectors. He lauded the efforts of KPMG in promoting innovation and strengthening start-up ecosystem.

Following are the glimpses of Minister experiencing various technologies at the exhibition: