Maharashtra to Develop Innovation City for Startups, Announces Chief Minister Fadnavis

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Mumbai, 17th January 2025: Chief Minister Devendra Fadnavis revealed plans on Thursday to establish the Maharashtra Innovation City, an ambitious project aimed at fostering collaboration between startups and industries. Modeled after Gujarat’s GIFT City, the innovation city will span 100 acres and is designed to accelerate innovation at an unprecedented pace.

During the National Startup Day event, themed ‘Empowering Innovation, Elevating Maharashtra,’ Fadnavis shared the state’s vision for this transformative hub. “We are committed to identifying suitable land and developing this city within record time,” Fadnavis stated, highlighting the government’s focus on fast-tracking the project.

The announcement was made alongside the unveiling of the state’s draft startup policy, which includes attractive incentives such as electricity tariff and stamp duty waivers, as well as patent cost reimbursements. The policy is part of the state’s effort to incubate 50,000 startups and create 25 lakh jobs, along with plans to establish over 300 incubators, accelerators, startup hubs, and entrepreneurship labs across Maharashtra.

“We want startups to experience seamless operations. Our plans will make ease of doing business a reality in the near future,” Fadnavis emphasized, reinforcing the state’s commitment to nurturing a thriving startup ecosystem.

The draft policy is open for suggestions from stakeholders, with the final version expected to be released in two months, according to Mangal Prabhat Lodha, Minister for Skill Development, Employment, Entrepreneurship, and Innovation. The draft outlines extensive financial support for startups, including seed funding for up to 5,000 ventures.

Notably, the policy also offers specific incentives for green technology startups, providing mentorship, funding, and additional support.

Furthermore, the draft policy guarantees access to intellectual property rights (IPR) for registered startups, with full reimbursement of IPR application costs — capped at Rs 5 lakh for domestic applications and Rs 20 lakh for international filings.

With these initiatives, Maharashtra is positioning itself as a leading hub for innovation and entrepreneurship.