7 months ago
Maharashtra to create Rs 4,000-5,000 crore innovation fund
The Maharashtra government is creating a big pool of money, around ₹4,000-5,000 crore, to help new businesses and ideas grow.
They are asking all government departments to give a small part of their budget for this.
The money will be used to support startups, help them grow, and create special places called innovation centres where people can work on new ideas.
The goal is to have 50,000 new businesses in five years.
They are also making a helpline to guide new business owners, especially those not in big cities.
This will help make sure the money is used well and that the new businesses have a good chance to succeed.
Maharashtra government to create a ₹4,000-5,000 crore funding pool for innovation and startups.
All state government departments to allocate 0.5% of their budgets for innovation.
Maharashtra State Innovation Society (MSInS) to serve as the central agency for startup collaboration.
Plans include seed funding, a state-backed venture fund, and a fund-of-funds to attract global investors.
The initiative aims to nurture 50,000 startups by 2025, with current 33,000 registered startups.
- Who
- Maharashtra government and Maharashtra State Innovation Society (MSInS)
- What
- Creation of a ₹4,000-5,000 crore funding pool for innovation and startups
- Where
- Across Maharashtra, with regional and district-level innovation centres
- When
- Ongoing, with plans for implementation under the 2025 policy
- Why
- To nurture 50,000 startups, promote deep-tech sectors, and enhance startup access to resources
Key facts
- Funding Pool
- ₹4,000-5,000 crore
- Allocation Source
- 0.5% of departmental budgets
- Central Agency
- Maharashtra State Innovation Society (MSInS)
- Policy Goal
- Nurture 50,000 startups by 2025
- Current Startups
- 33,000 registered startups
- Innovation Centres
- 29 incubators, 70% successful
- Regional Innovation Centres
- 3-4 planned, including 500-seat centre in Pune
- Startup Helpline
- Collaboration between MCCIA and MSInS
Quotes
Shrikant Patil
Chief Executive Officer of the Maharashtra State Innovation Society (MSInS)
“A framework for standard operating procedures and key responsibilities for incubators will be implemented to eliminate underperforming incubators.”
financialexpress.com
“The state aims to attract global funding and is in discussions with potential investors in the Middle East.”
financialexpress.com
