Mumbai: In a move aimed at strengthening Maharashtra’s position as a leader in India’s start-up ecosystem, Chief Minister Devendra Fadnavis announced plans to develop an “Innovation City” in the State modelled on Gujarat’s GIFT City.
Speaking at a forum on start-ups and technology in Mumbai, the Chief Minister highlighted the need for Maharashtra to remain at the forefront of innovation. He outlined the proposed city would serve as a hub for technology and innovation, offering an ideal environment for start-ups to thrive, especially in cutting-edge sectors such as Artificial Intelligence (AI).
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“The way GIFT City has been created, we aim to develop an Innovation City in Maharashtra at an even faster pace. We need to create an ecosystem that empowers our start-ups to thrive in the AI space. Maharashtra must become a hub for AI-powered start-ups,” Fadnavis added.
Highlighting Maharashtra’s achievements, Fadnavis said the state is home to over 25,000 start-ups and continues to lead in “investment and valuation.” Citing a report of the Union government, he expressed pride in the state’s ranking as the top start-up ecosystem in India. He attributed the success to cities like Nagpur, Mumbai, Pune, Nashik, and Chhatrapati Sambhajinagar.
India has now the third-largest start-up ecosystem globally, with over 1,57,000 start-ups, up from just 471 in 2016, the CM said. While Maharashtra has played a pivotal role in this growth, India could soon become the global leader in the sector, he added. Fadnavis also unveiled a series of measures to support start-ups across Maharashtra, including a new partnership with SIDBI (Small Industries Development Bank of India) to establish a Rs 100-crore fund.
“Unlike earlier, when this fund was managed solely in Mumbai, Rs 30 crore will now be allocated to every revenue division, ensuring that support reaches tier-2 and tier-3 cities,” he said.
CM stresses on importance of embracing AI
Fadnavis stressed the importance of embracing AI as a transformative force in every sphere of life. He highlighted plans to convert the state’s Industrial Training Institutes (ITIs) into AI-focused centres of excellence and to partner with private universities to build a talent pool ready for the AI revolution. He also invited stakeholders to collaborate with the government in building a world-class AI and start-up ecosystem.
To foster innovation and ease of doing business, the government has taken steps to reduce compliance burdens, fast-track patent applications, enable self-certification under labour and environmental laws, and ensure seamless processes for setting up businesses, said the Chief Minister.
Fadnavis also sought suggestions for the state’s new start-up policy, which he said will be finalised in two months. He expressed optimism that the policy would be the most progressive in the country and help Maharashtra remain at the forefront of the global start-up revolution.
The Gujarat International Finance Tec-City (GIFT City) is India’s first International Financial Services Centre under the Special Economic Zone Act. The financial and technology hub between Ahmedabad and Gandhinagar is designed to attract businesses from India and abroad.
