State to get innovation city like GIFT city, focus on Tier-2 and Tier-3 cities

The chief minister further said that Maharashtra has not only topped in the number of start-ups in the state, it has also attracted maximum investment and has the most-valued start-ups

MUMBAI: Chief minister Devendra Fadnavis on Thursday announced that the Maharashtra government is planning an innovation city on the lines of GIFT City in Gujarat. The city will focus on innovation-based industries and start-ups. He also announced a fund of ₹200 crore for new start-ups in two- and three-tier cities. A memorandum of understanding (MoU) was signed with the Small Industries Development Bank of India (SIDBI) in this regard.

State to get innovation city like GIFT city, focus on Tier-2 and Tier-3 cities

The Gujarat International Finance Tec-City (GIFT City) is a business district promoted by the Gujarat government through a joint venture company. It is the country’s first operational smart city and international financial services hub. Controversy had surrounded its setting up with opposition parties in Maharashtra alleging that the Narendra Modi government did not want an international finance centre as proposed by the Maharashtra government because he wanted to promote GIFT City. Fadnavis, during his first tenure as chief minister, had tried hard to push for such a hub in Mumbai’s Bandra Kurla Complex. Now he has himself announced plans for an innovation city.

To celebrate National Start-Up Day on Thursday, Fadnavis chaired a round table conference with founders of different start-ups and later addressed a gathering in Mumbai. “I would like to announce that the government will create an innovation city in Maharashtra, on the lines of GIFT City. The government will work speedily to develop the city, which will focus on innovation-related projects,” the chief minister said.

He also said an MoU had been signed with SIDBI to create a fund of ₹200 crore for start-ups in two- and three-tier cities. “Until now, the existing fund was managed in only Mumbai but, from now on, a ₹30-crore fund will be available at every divisional centre across the state,” Fadnavis said, and added, “We want the start-up revolution to go to two-tier and three-tier cities because we have seen that in many start-ups, people who have come from these cities have done really well.”

Fadnavis also said a new start-up policy would be announced in the next two months. “I would like to announce that the draft of the new start-up policy will be made available to everyone to read. I would like you all to give your suggestions and we will come out with a new policy in the next two months. It will be the most modern policy in the country,” he stated.

The chief minister further said that Maharashtra has not only topped in the number of start-ups in the state, it has also attracted maximum investment and has the most-valued start-ups. “I have always said that Bengaluru is not the start-up capital of the country. They have done very well but the start-up capital of India is none other than Maharashtra,” he said, adding that in the last year the state saw a record 154% increase in investments in start-ups in the state.