Maharashtra Sets Ambitious Goal to Increase Startups from 8,300 to 50,000

Mumbai, Jul 12 (KNN) In a bold move to cement its position as India's startup powerhouse, Maharashtra has unveiled plans to expand its startup ecosystem.

Industries Minister Uday Samant announced the state's ambitious goal to increase its startup portfolio from the current 8,300 to an impressive 50,000 in the near future.

Speaking at the ASSOCHAM MahaMSMErashtra Empowerment Summit and Award 2024, Samant highlighted Maharashtra's current leading status in startup registrations nationwide.

"Our state has identified 8,300 startups in recent years, placing us at the forefront of India's entrepreneurial landscape," Samant stated. "We're now setting our sights even higher."

The minister outlined the government's commitment to fostering innovation and growth across all business scales. "From MSMEs to large corporates, every startup will receive first-class treatment," he assured.

Samant emphasised the importance of monitoring startup health and addressing challenges to ensure long-term viability.

Maharashtra's investor-friendly policies were also in the spotlight. Samant revealed that even modest investments starting from INR 50,000 would receive the same privileged treatment as large-scale foreign investments, underscoring the state's inclusive approach to entrepreneurship.

The announcement comes on the heels of impressive growth in 2023, which saw 5,801 startups recognised in Maharashtra—a 21.8 per cent increase from the previous year, according to Press Information Bureau data. This surge aligns with national initiatives like Startup India and the recently launched Startup Mahakumbh.

Recent developments further illustrate Maharashtra's appeal as a hub for emerging industries. Electric two-wheeler manufacturer Ather Energy has announced plans for its third manufacturing facility in the state, while Mega Networks is set to begin local production of artificial intelligence servers.

Industry observers note that Maharashtra's proactive measures and supportive ecosystem are likely to play a crucial role in India's journey towards a USD 5 trillion economy.

The state's focus on fostering startups across various sectors is expected to attract investments, create jobs, and drive innovation.

(KNN Bureau)