Saturday, 29 June 2024, Bengaluru, India
Maharastra announced its plan to increase its startup portfolio. State’s Industries Minister, Uday Samant mentioned that the state is aiming to expand its startup portfolio from 8,300 to 50,000 startups. The union government recently issued a list of startups in the last two years and Maharastra accounts for 8300 startups in the list. Maharastra became the number one state in the country for the highest startup portfolio number.
The state government plans to expand this number and increase the total number of startups to 50,000 in upcoming years. The state has also decided to offer first-classtreatment to the companies from large corporate, Micro, small, and Medium Enterprises. The minister mentioned giving the same treatment to those who make Rs 50,000 investments and those with overseas investments to remove the difference in treatments. The Co-chairman, of Assocham National Council on WTO, Trade and Investment Council, Anurag Agarwal told in a press conference that 63 million MSMEs in India contribute to 30 percent of the total GDP. These enterprises not only contribute to the expenses but also offer employment opportunities. The government is aiming to invest in these MSMEs to achieve the 5 trillion economy goal.
Bureau data mentioned a 21.8 percent increase in Maharastra’s startups in 2023 compared to the previous year. The state reported 5,801 new startups in just one year. This new initiative startup Mahakumbh program is expected to give a boost to the country’s startup ecosystem. Many startups are already planning to establish their manufacturing units in the state using the program the government offers. The government launched various schemes in the past few months to help MSMEs. The recently launched program includes a trade marketing scheme to help MSMEs join e-commerce platforms.
Ather is a Bengaluru-based EV that raised $34.5 million in a debt and equity round led by Stride Ventures. The startup is planning to set up its manufacturing unit in Maharashtra to utilize the program benefits. The startup plans to build two-wheeler EV solutions for market expansion and to increase the performance capability of the platform. Various startups will be signing up for the program to reach more people around the country. Another startup, Mega Networks also announced its plan to set up AI servers in Maharastra by the third quarter of this year.
Conclusion:
The Industries Minister of Maharastra, Uday Samant announced the state’s plan to expand its startup portfolio from 8,300 to 50,000. The state has also decided to offer first-class treatment to the companies from large corporate, Micro, small, and Medium Enterprises. MSMEs not only contribute to the expenses but also offer employment opportunities. The government is aiming to invest in these MSMEs to achieve the 5 trillion economy goal. This new initiative startup Mahakumbh program is expected to give a boost to the country’s startup ecosystem. Many startups are already planning to establish their manufacturing units in the state using the program the government offers. Following this announcement, Ather Energy and Mega Networks also announced their plan to set up a Manufacturing Unit and AI servers in Maharastra this year.
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