Maharashtra Looks To Expand Its Startup Portfolio To 50,000 Soon: Industries Minister
In a significant push towards bolstering the startup ecosystem in Maharashtra, the state’s Industries Minister, Uday Samant, has announced ambitious plans to expand the number of startups from the current 8,300 to a groundbreaking 50,000 in the near future.
Speaking at the ASSOCHAM MahaMSMErashtra Empowerment Summit and Award 2024, Samant highlighted that the union government’s recent startup listings position Maharashtra as the leading state in India with 8,300 startups registered in the last two years. The state’s government, he noted, is keen on nurturing this growth momentum to achieve the new target.
“The government is very optimistic about the progress of startups and aims to elevate this number to 50,000,” remarked Samant, emphasizing the state’s commitment to fostering an environment conducive for startup growth and development.
Underlining the state’s inclusive approach towards business development, Samant mentioned that companies ranging from MSMEs to large corporates would receive first-class treatment in Maharashtra. He underscored the importance of not only launching startups but also ensuring their sustained operation and addressing any challenges they might face.
To demonstrate the state’s commitment to support businesses irrespective of their scale, Samant revealed, “In the past, only companies with overseas investments received the red carpet treatment in Maharashtra. Now, this privilege extends to enterprises with investments as modest as INR 50,000.”
Anurag Agrawal, co-chair of the Assocham National Council on WTO, Trade, and Investment Council, supported this sentiment by pointing out the vital role of MSMEs in India’s economy. “With nearly 63 million MSMEs contributing about 30% to the GDP and generating significant employment and export revenues, we are on a clear path toward realizing our goal of becoming a 5 trillion-dollar economy,” Agrawal stated.
The optimism is further bolstered by the recent rise in startups in Maharashtra, which saw an increase of 21.8% in 2023 with 5,801 startups being recognized, according to data from the Press Information Bureau.
The concerted efforts by the government through flagship initiatives like Startup India and the newly introduced Startup Mahakumbh are designed to energize the startup ecosystem in the country.
The proactive measures have already started to bear fruit, with startups showing eagerness to establish manufacturing units in the state. A case in point is Ather Energy, an IPO-bound electric two-wheeler manufacturer, which recently announced its decision to set up its third manufacturing facility in Maharashtra. This facility will focus on producing escooters and battery packs, marking a significant milestone in the state’s manufacturing sector.
The concerted push by Maharashtra to expand its startup portfolio underscores the state’s commitment to harnessing innovation, fostering entrepreneurial spirit, and driving economic growth. With such initiatives, the goal of reaching 50,000 startups not only seems achievable but is likely to set a new benchmark for startup ecosystems across India.
