Page 50 - Policy Economic Report - October 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

He also highlighted the success of the Universal Connectivity and Digital India initiatives, which have
driven a dramatic increase in internet subscribers from 251.59 million in 2014 to 954.40 million in 2024,
achieving a CAGR of 14.26%.

The Minister applauded KPMG’s efforts to foster entrepreneurship and support the start-up ecosystem
through initiatives like “ENRich Labs” for innovation and co-creation with the industry.

Highlighting India’s booming start-up ecosystem, the Minister noted that India is now the world’s third-
largest hub for unicorn start-ups, following the USA and China, with a combined valuation of
approximately USD 350 billion. He emphasized that these start-ups are reshaping the Indian economy and
transforming markets.

Stressing on the oil and gas sector, Shri Puri shared that Oil and Gas PSUs have set up startup funds totaling
Rs. 505 crore. So far, 287 start-ups have received funding, with Rs. 271 crore already disbursed to promote
innovation and growth in the sector.

The Minister also talked about the Avinya’25, launched recently based on the overwhelming success of
Avinya’24. The initiative aims to encourage entrepreneurs, researchers, academicians, and students to
propose innovative solutions that can shape the future of the energy sector. The application period for
Avinya’25 opened on 30th September 2024, with a submission deadline of 2nd December 2024. Shri Puri
urged everyone to actively participate and contribute to the event’s success

Shri Puri concluded by urging stakeholders to explore the untapped potential in India’s energy sector,
stressing the importance of sustainable business practices that align with societal and environmental
goals.

Cabinet approves India to Join International Energy Efficiency Hub by signing the Letter of Intent

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the signing of ‘Letter
of Intent’ thus enabling India to join the ‘Energy Efficiency Hub’.

India will join the International Energy Efficiency Hub (Hub), a global platform dedicated to fostering
collaboration and promoting energy efficiency worldwide. This move solidifies India's commitment to
sustainable development and aligns with its efforts to reduce greenhouse gas emissions.

Established in 2020 as the successor to the International Partnership for Energy Efficiency Cooperation
(IPEEC), in which India was a member, the Hub brings together governments, international organizations,
and private sector entities to share knowledge, best practices, and innovative solutions. By joining the
Hub, India will gain access to a vast network of experts and resources, enabling it to enhance its domestic
energy efficiency initiatives. As of July, 2024, sixteen countries (Argentina, Australia, Brazil, Canada, China,
Denmark, European Commission, France, Germany, Japan, Korea, Luxembourg, Russia, Saudi Arabia,
United States and United Kingdom) have joined the Hub.

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