PSUs should earmark funds for purchasing products from start-ups at least for 1 yr: Joshi
New Delhi: The Union Minister of Coal and Mines, Pralhad Joshi addressed the first-ever mining summit conducted at IIT-Bombay on Monday. During his inaugural speech, the minister asked PSUs and private companies to earmark funds for start-ups for purchasing their products for a year or so. Further, a tweet posted by the Ministry said, Joshi inaugurated the exhibition of the first Mining Start-up Summit at IIT Bombay.
During his inaugural address, Joshi remarked that “capability and ability has added respectability to India.” As per the minister, before 2014, India neither had a stable government or an able one. He also added that around 82 start-ups are attending the summit. Due to the efforts made by Department of Promotion and Internal Trade (DPIIT), Hindustan Zinc and IIT-Bombay, this summit was organised.
PSUs should earmark funds for start-ups: Joshi
Further, the minister added that most of things in the mining sector are majorly imported. Due to this, there is an increase in cost, and it also leads to decrease in foreign reserves. The minister also asked PSUs and other private companies in the sector to contribute significantly and earmark funds for marketing of startups by purchasing their products. He also highlighted that the world is not facing any major technological challenges. So, he emphasised on working on new ideas and its marketing as these are the core challenges faced by the start-ups.
‘Sustainable and optimum mining technology is the need of the hour’
Elaborating on the development in the last nine years, the Union Minister further added, “From 500 million tonnes of coal production in 2014, today we are the largest producer and importer of coal. We have the fourth largest coal reserves. This year the production of coal has reached 850 million tonnes. We hope to stop import of thermal coal completely by 2025-2026. Further, a transparent system has been put into place for exploration and auction and all discretionary power has ended. From 300 Start-Ups in 2014, in the last nine years we have touched one lakh Start Ups and a hundred unicorns. They have created nine lakh jobs and added a cumulative value of 333 billion dollars. We however need to take this further. Sustainable and optimum mining technology is the need of the hour. For the same, Start-Up technology is essential.”
Minister inaugurated exhibition at mining summit
On the occasion, the minister also inaugurated the exhibition. The inauguration was marked by a unique ribbon-cutting ceremony conducted by a robot, highlighting the emphasis on innovation in the event. The exhibition showcased a range of innovations and technologies in the mining sector presented by 11 promising startups. This platform provided these startups with an opportunity to display their groundbreaking solutions and advancements in the field of mining.
The event not only highlighted the transformative potential of startups in the mining domain but also emphasised the importance of technological advancements in enhancing operational efficiency, sustainability, and safety in the industry.
The summit was graced by Dadaji Bhuse, Minister of Mines, Government of Maharashtra, Vivek Bharadwaj, Secretary, Ministry of Mines, Government of India, Sanjay Lohia, Additional Secretary, Ministry of Mines, Government of India and Subhasis Chaudhuri, Director, IIT Bombay.
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