Maharashtra Chief Minister Devendra Fadnavis announces plans for an 'Innovation City' to foster start-ups and technological innovation, with a focus on AI and emerging technologies.
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Maharashtra Chief Minister Devendra Fadnavis has announced plans to develop an "Innovation City" in the state, following the model of Gujarat’s GIFT City. Fadnavis outlined this initiative at a forum focused on start-ups and technology in Mumbai, emphasising the necessity to bolster Maharashtra’s role as a leader in India’s burgeoning start-up ecosystem.
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The new "Innovation City" will serve as a dedicated hub for technology and innovation, providing a fertile environment for start-ups, particularly those in emerging fields such as artificial intelligence (AI). "Just as Gujarat's GIFT City has been developed, we aim to build the Innovation City in Maharashtra even faster," Fadnavis said.
GIFT City, located between Ahmedabad and Gandhinagar, is India’s first International Financial Services Centre (IFSC) under the Special Economic Zone Act. It was designed to attract both Indian and international businesses, positioning itself as a global financial and technological hub.
As per PTI, Fadnavis expressed pride in Maharashtra's accomplishments, stating that the state currently hosts over 25,000 start-ups. He highlighted Maharashtra’s leadership in both investment and valuation within the country’s start-up ecosystem. Drawing from a Union government report, Fadnavis noted that Maharashtra’s vibrant cities – Mumbai, Pune, Nagpur, Nashik, and Chhatrapati Sambhajinagar – have been instrumental in sustaining the state's dominant position.
India, with its start-up ecosystem now the third-largest globally, has witnessed a remarkable surge in start-ups, from just 471 in 2016 to over 1,57,000 today. Fadnavis is optimistic that India could soon become the global leader in the start-up space, noting, "Nothing can stop an idea whose time has come."
The chief minister also announced a series of initiatives to support start-ups across Maharashtra. One such measure is a new partnership with the Small Industries Development Bank of India (SIDBI) to set up a Rs 100-crore fund. "This fund, unlike before when it was managed solely from Mumbai, will now see Rs 30 crore allocated to each revenue division, ensuring tier-2 and tier-3 cities also benefit," Fadnavis said.
Fadnavis underscored the importance of embracing AI, describing it as a transformative force for all sectors of life. He disclosed plans to convert the state’s Industrial Training Institutes (ITIs) into AI centres of excellence. Moreover, the state government will collaborate with private universities to cultivate a talent pool that is well-prepared for the AI revolution.
"We need to create an ecosystem that empowers start-ups in the AI domain. Maharashtra must become the centre for AI-powered start-ups," Fadnavis stated.
The government has also taken steps to foster innovation and ease of doing business by reducing compliance burdens, expediting patent applications, enabling self-certification under labour and environmental laws, and simplifying business set-up procedures. "Our goal is to provide entrepreneurs with a seamless experience without bureaucratic barriers. A day will come when no one will need to visit a government office," Fadnavis added.
Additionally, the chief minister revealed that Maharashtra’s new start-up policy is expected to be finalised within the next two months. He expressed confidence that the policy will be the most progressive in the country and will help Maharashtra maintain its position at the forefront of the global start-up revolution.
(With inputs from PTI)
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