Maharashtra is gearing up to boost innovation and the startup ecosystem with the launch of a new Innovation City, inspired by Gujarat’s successful GIFT City. Chief Minister Devendra Fadnavis announced this initiative at a recent forum in Mumbai, marking National Startup Day with a vision to support technological advancements and entrepreneurship. This city will serve as a hub for startups and tech companies, offering cutting-edge infrastructure and policies conducive to growth.

A major part of this initiative includes a progressive startup policy, expected to be unveiled soon. This policy will simplify processes, provide tax exemptions, reduce compliance burdens, and offer faster patent application processes, making Maharashtra an attractive destination for national and international startups. Public consultations will also allow stakeholders to provide input, ensuring the policy meets the needs of the startup ecosystem.

Additionally, Maharashtra has committed ₹100 crore in funding specifically for startups, with SIDBI spearheading this initiative. A portion of this fund will be distributed across the state’s divisional centers, with a significant portion allocated to Mumbai. This financial initiative is designed to strengthen the startup ecosystem and enable emerging businesses to scale.

Maharashtra already has over 25,000 startups and has become the nation’s leader in tech innovation, surpassing Bengaluru in terms of investment and value. Mumbai, in particular, has proven itself as a critical hub for technology, raising billions in tech funding. Maharashtra’s investment in infrastructure, including AI-focused industrial training institutes and defense technology support, is poised to enhance its position as India’s premier innovation hub.

This plan is also designed to integrate the defense sector, with a fund of funds (FoF) supporting startups and MSMEs in defense technology. Along with this, AI-driven industrial training institutes are being established to create a skilled workforce for the next generation of tech entrepreneurs.

The launch of the Innovation City reflects Maharashtra’s long-term strategy to attract tech talent, investors, and businesses. By offering financial incentives and world-class infrastructure, the state is setting the stage for unprecedented innovation. Maharashtra’s vision is not just about fostering startups; it’s about creating a sustainable ecosystem where technological breakthroughs can thrive, creating a model for other regions to replicate.

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