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In a significant move to bolster the startup ecosystem in Maharashtra, Chief Minister Devendra Fadnavis on National Startup Day inked a Memorandum of Understanding (MoU) with the Small Industries Development Bank of India (SIDBI) to establish a ₹100 crore fund. Here TICE brings you key details of this partnership.
Addressing the gathering at the event themed 'Empowering Innovation, Elevating Maharashtra', Fadnavis announced that a ₹30 crore fund would now be available at every divisional center in the state, marking a decentralized approach to funding.
"We have signed an MoU with SIDBI to ensure startup funding reaches every corner of Maharashtra," he said.
The event, organized by the Maharashtra State Innovation Society under the Department of Skill, Employment, Entrepreneurship, and Innovation, drew participation from 1,000 startups spanning technology, agriculture, service industries, pharmaceuticals, and tourism.
Maharashtra: Leading the Startup Revolution
Highlighting Maharashtra's pioneering efforts in fostering innovation, CM Fadnavis stated, "We were the first state to introduce a startup policy and create a fund of funds specifically for the defense sector." He revealed that more than 300 Micro, Small, and Medium Enterprises (MSMEs) and startups have carved a niche in the defense manufacturing sector, backed by state support.
Fadnavis also underscored the potential of smaller cities, asserting, "The startup revolution must extend to Tier 2 and Tier 3 cities. Many successful startups have emerged from these regions, demonstrating the talent and innovation present across Maharashtra."
A Platform for Diverse Innovations
The event provided a stage for startups from diverse industries, showcasing Maharashtra's commitment to nurturing innovation across sectors. With startups addressing challenges in agriculture, technology, and tourism, the state is poised to solidify its position as an innovation hub.
Read More: Private Capital To Drive India's Startup Growth in Amrit Kaal
While the event focused on innovation, CM Fadnavis also addressed concerns about Mumbai's safety following a recent incident involving actor Saif Ali Khan.
He reassured the public of the city's safety, stating, "Mumbai remains the safest city. Isolated incidents shouldn't overshadow the city's robust law and order."
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