Dharmendra Pradhan suggest PSUs to create startup funds

In order to encourage innovation and to look after new ideas in the energy sector, Oil Minister Dharmendra Pradhan has recommended the public sector undertakings (PSUs) to create startup funds on the lines of private sector.  He said that with the start up funds they can create a synergy in innovation; biggest oil PSU ONGC has already offered Rs 100 crore for startups.

Minister said that methanol-based economy is a case of proven technology. It can create a lot of employment and entrepreneurship. He further said that the raw material (for producing methanol) should be coming from the Indian market. If they could monetize the agriculture waste and bio waste in urban areas to energy then there will be two benefits - Sizeable reduction of health expenditure and economy can be multi-fold. Recently, NITI Aayog has signed a Statement of Intent with the Methanol Institute of the US to further work on the technology.

Dharmendra Pradhan said that now India is importing Rs 4.5 lakh crore worth of hydrocarbons. Technology is there and blending of 85 per cent of ethanol in transportation fuel is possible. To reduce import dependency ministry is ready to offer Rs 1 lakh crore business to scientific community. Further, NITI Aayog has constituted an Expert Group to develop a roadmap for India to adopt ‘Methanol Economy’ after realizing the potential of methanol and DME (dimethyl ether) as a transportation fuel in road, shipping and rail. The group will explore various techno commercial angles to enhance production of methanol through natural gas, high ash content coal and through bio, agri and municipal solid waste.