Categories: Economy

Piyush Goyal calls for energy efficient Indian startups after Russia-Ukraine conflict skyrockets oil prices

<p>
<strong>Emphasising that every crisis can be converted into an opportunity like that of Covid-19, Union Minister Piyush Goyal urged the country's startup ecosystem to come up with novel ideas that would help reduce India's energy dependence on other countries.</strong></p>
<p>
Goyal said that the present Russia-Ukraine crisis is a wakeup call underscoring the need to reduce dependence on crude oil and defence equipment. He asked the startups to help India become self-reliant in energy needs.</p>
<p>
Speaking at the ET Startup awards in Bengaluru, Goyal who is in charge of ministries including Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles said that the Covid-19 pandemic has proved to be the biggest crisis of the century but it was converted into an opportunity, with several youngsters coming up with innovative solutions to the problems.</p>
<p>
<strong>Also read: <a href="https://www.indianarrative.com/economy-news/despite-covid-more-than-start-ups-have-come-up-in-india-in-the-last-few-months-pm-142201.html">Despite Covid 19, more than 10,000 start-ups have come up in India in the last few months: PM</a></strong></p>
<p>
Some of the startups are looking for innovative ways for indigenization of defence equipment, the minister said, assuring entrepreneurs that the government would take the necessary measures to address their issues.</p>
<p>
In 2021, more than 30 startups in India made it to the prestigious Unicorn list—a startup with valuation of $1 billion or more and estimates suggest that about $35 billion has already been pumped into these firms.</p>
<p>
According to Inc42, a media platform tracking Indian startups and entrepreneurs, if the current trend continues, “India will manage to get more than 100 unicorns by 2022, much earlier than the previous estimation of 2023.”</p>
<p>
Invest India added that the Indian unicorns have not only contributed to innovations, but have become important for employment generation. “Till FY 2016-17, approximately one unicorn was being added every year. Over the past four years (since FY 2017-18), this number has been increasing exponentially, with a whopping 66% Year-on-Year growth in the number of additional unicorns being added every year,” it said.</p>

IN Bureau

Recent Posts

MEA condemns Canada’s “baseless references” against Home Minister Amit Shah

The Ministry of External Affairs (MEA) on Saturday strongly protested against recent allegations made by…

1 hour ago

“Verification patrolling has commenced… in Demchok and Depsang”: MEA on disengagement between India and China

The Ministry of External Affairs on Saturday said that verification patrolling has commenced in Demchok…

3 hours ago

“Sanctioned companies not in violation of Indian law,” says MEA after US sanctions 19 Indian companies

The Ministry of External Affairs on Saturday reacted to the recent U.S. sanctions imposed on…

3 hours ago

Two terrorists killed in encounter with security forces in J-K’s Anantnag

Two terrorists were killed by security forces during an encounter in Jammu and Kashmir's Anantnag…

5 hours ago

“Not an issue of security lapses, security forces giving befitting reply”: Rajnath Singh on J-K terror attacks

Terming the recent terror attacks in Jammu and Kashmir as "unfortunate", Union Defence Minister Rajnath…

7 hours ago

Nasirabad: BYC holds demonstrations against enforced disappearances by Pakistan’s forces

The Baloch Yakjehti Committee (BYC) held demonstrations against the ongoing enforced disappearances by the Pakistan…

9 hours ago