Maharashtra Govt to support fin-tech start-ups; clears policies to boost MSMEs

Mumbai, Feb 7 (KNN) In A move to give push to the MSME sector which has the potential to create jobs, Maharashtra Cabinet has given approval to the electric vehicles industrial policy along with policies for textile, logistic park, garments, gems & jewellery, coir (coconut fibre) and more.

The electric vehicles industry policy stresses on use of EVs (electric vehicles) as modes of mass transport and aims to attract an investment of Rs 25,000 crore and create one lakh jobs.

To make the city as “fintech (the financial technology) capital of the world”, the cabinet cleared a policy to help start-ups in the sector — a first in the country. Fintech refers to use of technology in financial and banking services (eg. e-wallets, retail banking etc).

Maharashtra has become the first state in the country to clear such policy to help start-ups.

Under the fintech policy, the state government plans to create an environment where start-ups would be nurtured and allowed to grow as it has announced a slew of incentives for the first three years. The state government will support 300 fintech start-ups in the next three years.

The state government intends that the state should emerge as the one of the top five fintech hubs in the world in the next five years. (KNN Bureau)