India energy leaders push for self-reliance through MC²⁺ innovation

Energy leaders in India are emphasizing the need for increased domestic oil and gas production and technological innovation to achieve national energy self-reliance. ONGC Chairman Arun Kumar Singh noted that India currently imports approximately 88 per cent of its oil and 50 per cent of its gas, stating that energy independence is essential for the broader goal of becoming 'Atma Nirbhar Bharat'.

To address these challenges, the MC²⁺ initiative, created under the Ministry of Petroleum and Natural Gas, is providing a platform for startups and young innovators. The initiative aims to connect talent with industry problem statements, research and development facilities, and funding. Oil India Limited Chairman and Managing Director Ranjit Rath highlighted that the program is seeking solutions across upstream, midstream, and downstream segments, as well as in alternative energy sectors such as compressed biogas and municipal solid waste.

Through the MC²⁺ Ignite accelerator, public sector energy companies are pooling resources to support early-stage startups. The program seeks to increase the presence of startups in the energy sector, which currently accounts for only about 2 per cent of the startup ecosystem.