Maharashtra to Set Up Innovation City Modelled on GIFT City, Says CM Fadnavis.

Maharashtra will establish an Innovation City modeled after Gujarat's GIFT City to foster the state's growing startup ecosystem, Chief Minister Devendra Fadnavis revealed recently. Speaking at a startup and technology forum in Mumbai on National Startup Day, Fadnavis emphasized that a new startup policy would be introduced in the next two months, which will be open for public consultation and feedback.

"We will create an Innovation City to focus on innovation, similar to the GIFT City model. Maharashtra's new startup policy will be the most progressive in the country, and we encourage suggestions from all stakeholders," said Fadnavis.

The announcement also included a significant partnership with the Small Industries Development Bank of India (SIDBI), which will establish a ₹100 crore fund to support startups in the state. As part of this, a ₹30 crore fund will be made available at each divisional center across Maharashtra, in addition to the existing funding available in Mumbai.

Currently, Maharashtra is home to over 25,000 startups, with Mumbai, Pune, Nagpur, Nashik, and Chhatrapati Sambhaji Nagar leading the way. The chief minister reaffirmed Maharashtra's position as the nation's startup capital, surpassing even Bengaluru in terms of investment and value.

Fadnavis also highlighted Maharashtra's achievements in tech funding, with Mumbai securing $3 billion in 2024, second only to Bengaluru, which raised $3.6 billion. Mumbai has raised a total of $25.6 billion in tech funding, while Bengaluru leads with $75.1 billion.

The government is also focused on enhancing the defense sector, with a fund of funds (FoF) supporting 300 micro, small, and medium enterprises (MSMEs) and startups in this field.

To further promote innovation, the government has reduced compliance burdens, introduced tax exemptions, expedited patent applications, and enhanced access to affordable internet services. Fadnavis mentioned that IT-powered Industrial Training Institutes (ITIs) are being transformed into AI-focused centers, partnering with universities to nurture the next wave of tech entrepreneurs in Maharashtra.

BS