Maharashtra took a bold step towards becoming India’s startup capital as the Small Industries Development Bank of India (SIDBI) announced a ₹200 crore startup fund to support innovation and entrepreneurship. The initiative, unveiled on National Startup Day, allocates ₹30 crore to each regional division of the state, highlighting its commitment to fostering a vibrant startup ecosystem and driving economic growth.
Empowering Maharashtra’s Startup Ecosystem
Chief Minister Devendra Fadnavis, speaking at an event organized by the Maharashtra State Innovation Society at the Jio World Centre, emphasized Maharashtra’s leadership in India’s startup landscape. “With 26,000 startups, including the highest number of women-led ventures, Maharashtra is a leader in India’s startup revolution,” said Fadnavis.
Themed ‘Empowering Innovation, Elevating Maharashtra’, the event featured over 1,000 startups from diverse industries, including technology, agriculture, and services. Prominent attendees included Skill Development Minister Mangal Prabhat Lodha, Nykaa CEO Falguni Nayar, and Marico Ltd Chairman Harsh Mariwala.
Innovation Cities and Regional Contributions
Fadnavis announced plans for innovation cities across Maharashtra to serve as hubs for cutting-edge technology and entrepreneurship. He introduced a draft startup policy and invited entrepreneurs to contribute suggestions, aiming to set a national benchmark.
Highlighting Maharashtra’s regional strengths, he noted Mumbai as a funding powerhouse, Pune’s emergence as a technology hub, and the rapid growth of Tier 2 and Tier 3 cities like Nashik, Nagpur, and Kolhapur as thriving startup centres.
“Universities and incubators have become the backbone of this vision, enabling rural youth to transition from job seekers to job creators,” he added.
Women Entrepreneurs at the Forefront
The event spotlighted women entrepreneurs, with Nykaa CEO Falguni Nayar praising Maharashtra for fostering a safe and empowering ecosystem. “The state leads in women-led startups, offering ample opportunities for growth,” she said.
Maharashtra boasts the highest number of women directors in startups, reaffirming the government’s focus on inclusivity and gender equity. Fadnavis also stressed the importance of artificial intelligence (AI) in shaping the future, urging startups to leverage it to drive innovation and employment.
Also read: Goldman Sachs CEO on AI’s Role in IPOs
Transforming Maharashtra into a Global Startup Hub
The ₹200 crore startup fund is a key milestone in Maharashtra’s journey to becoming a global startup hub. During the event, Fadnavis inaugurated the Digital Media Centre of Excellence at ITI Govandi. He also honoured winners of the ‘Punyashlok Ahilyadevi Holkar Startup Competition.’
“This mission aims to make Maharashtra a land of opportunities where startups thrive and innovation leads the way,” Fadnavis said.
Maharashtra’s efforts focus on building an inclusive and resilient startup ecosystem. The state aims to position itself as a global leader in innovation and entrepreneurship.
