Mumbai:Maharashtra will set up an Innovation City similar to the Gujarat International Finance Tec-City (GIFT City) to nurture the startup ecosystem in the state, Chief Minister Devendra Fadnavis announced on Thursday.
“Just as Gujarat’s GIFT City has been developed, we aim to build the Innovation City in Maharashtra. The new ‘Innovation City’ will serve as a dedicated hub for technology and innovation, providing a fertile environment for start-ups, particularly those in emerging fields such as artificial intelligence (AI),” Fadnavis said while speaking at the National Startup Day programme organised by the State Innovation Society under the Department of Skill, Employment, Entrepreneurship and Innovation.
The Maharashtra CM highlighted Maharashtra’s achievements saying the state is home to over 25,000 start-ups and continues to lead in both ‘investment and valuation within the country’s start-up ecosystem. He added that the state is planning to finalise a new startup policy in the next two months, which would be opened to the public for consultation and comments.
“The state government has circulated a draft start-up policy seeking suggestions from the entrepreneurs. We are implementing a campaign in which women will be in all positions in startups. Maharashtra is the first state in the country to have the highest number of women directors,” the CM said.
Citing a report of the Union government, he stated that Maharashtra’s cities – Mumbai, Pune, Nagpur, Nashik and Chhatrapati Sambhajinagar – have been instrumental in sustaining the state’s dominant position.
“Mumbai and Pune have a conducive environment for starting industries. Mumbai is at the forefront of funding, while Pune is a hub of technology and innovation. Our Tier-2 and Tier-3 cities are contributing greatly to the development of Maharashtra. Cities like Nashik, Nagpur, Chhatrapati Sambhajinagar and Kolhapur are encouraging startups and creating an ecosystem,” said Fadnavis.
The CM also announced a series of initiatives to support start-ups across Maharashtra, including a memorandum of understanding (MoU) with the Small Industries Development Bank of India (SIDBI), to establish a Rs 100 crore fund.
“This fund, unlike before when it was used solely in Mumbai, will now see Rs 30 crore allocated to each revenue division, ensuring every divisional centre also benefits,” Fadnavis said.