Maharashtra Looks To Expand Its Startup Portfolio To 50,000 Soon: Industries Minister

Maharashtra’s industries minister Uday Samant has said that the state is looking to expand its startups portfolio from the current 8,300 to a staggering 50,000 soon.

“The union government recently issued a list of startups in the last two years, out of which 8,300 are in Maharashtra, making it the number one state in the country. The state government is very positive about these developments and in the future it wants to take this number to 50,000,” said  Samant, while addressing delegates at ASSOCHAM MahaMSMErashtra Empowerment Summit and Award 2024.

The state has also decided to give first class treatment to the companies’ right from MSME to large corporates.

He further said that when a venture is rolled out, it is also important to monitor if  it continues to operate or has shut down. “An analysis on the health of startups and the challenges faced by them needs to be undertaken.”

The minister also said that earlier those companies bagging overseas investments in Maharashtra were given red carpet treatment but today even those which make INR 50,000 investment are also bestowed on the same.

“There are almost 63 Mn MSMEs across the country contributing about 30% to the GDP. These MSMEs also generate employment opportunities and contribute to exports. With a strong synergy of government initiatives and industry participation, our target of achieving a 5 Tn-dollar economy is not far away,” said Anurag Agrawal, co-chair, Assocham National Council on WTO, Trade and Investment Council.

In 2023 alone, the government has recognised 5,801 startups from the state of Maharashtra, displaying a 21.8% rise from 2022, as per Press Information Bureau data.

With the Startup India plan on high run, a flagship initiative of the government, and the newly launched initiative Startup Mahakumbh, these are expected to further give impetus to the country’s startup ecosystem. 

Meanwhile, startups leaders have begun to carry their plans to set up their manufacturing units in the state, with the government initiatives in play. Earlier this week, IPO-bound electric two-wheeler maker Ather Energy is setting up its third manufacturing facility in Maharashtra, to manufacture escooters and battery packs.

Also, in April, computer hardware company Mega Networks revealed its plans to set up a factory for local manufacturing of artificial intelligence servers in Maharashtra by the third quarter of the ongoing fiscal year 2024-2025.