Maharashtra Chief Minister Devendra Fadnavis unveiled plans to establish an Innovation City, allocating ₹200 crore through SIDCO to foster the state’s startup ecosystem. Each regional division will receive ₹30 crore, while SIDBI has committed an additional ₹300 crore for startups. The initiative is part of a broader strategy to position Maharashtra as a leader in India’s startup landscape.
At the ‘Empowering Innovation, Elevating Maharashtra’ event on National Startups Day 2025, Fadnavis emphasised the crucial role of AI technology in the growth of startups, particularly in sectors like technology, agriculture, services, pharmaceuticals, and tourism. He noted that the state’s new startup policy is designed to be the most advanced in the country, aiming to support over 26,000 existing startups and encourage new ventures.
Mangal Prabhat Lodha, the state’s Skill Development Minister, highlighted the government’s commitment to fostering an environment where startups can thrive. He stated, “Our vision is to make Maharashtra the startup capital of India, where innovation drives economic growth, and every entrepreneur has the opportunity to succeed.”
Falguni Nayar, CEO of Nykaa, also addressed the event, emphasising the importance of creating opportunities for women entrepreneurs. “Maharashtra provides a safe and supportive environment for women in business. With the right support, women-led startups can lead the way in transforming the economy,” she remarked.
The Innovation City project also aims to leverage the strengths of tier-two and tier-three cities, such as Nashik, Nagpur, Aurangabad, and Kolhapur, which are becoming significant contributors to the state’s economic development. The government’s initiatives are set to provide a transparent, streamlined process for starting new ventures, reducing bureaucratic hurdles and fostering innovation at all levels.
