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Maharashtra to have a new start-up policy: CM Devendra Fadnavis

Maharashtra Chief Minister Devendra Fadnavis has announced that a new comprehensive policy on start-ups would be unveiled in the state soon.

Maharashtra Chief Minister Devendra Fadnavis has announced that a new comprehensive policy on start-ups would be unveiled in the state soon.

Fadnavis, speaking at the Badalta Maharashtra conclave organised by Loksatta in Mumbai, said that a state-of-the-art start-up park had been planned in Pune.

Earlier the Chief Minister had stressed that he wants Maharashtra to be the start-up capital of the country, and officials said the policy hopes to bring in more investment.

Fadnavis assured young entrepreneurs that his government will support start-up venture. “Every innovative idea can be a success model provided it has its origins in the planning at ground reality, which can be scalable and commercially viable,” said the CM.

He informed that though the state has taken a headstart in fragmented ways, an integrated approach adequately backed with skill development programmes sector-wise across districts are in process.

Last year the Chief Minister held discussions on start-ups with global players during his visit to America, shared his experience with examples related to the Indian and Maharashtra context to reaffirm how the model can become commercially viable and generate new avenues of employment.

In order to create start-up friendly ecology the state has decided to set up a venture capital fund and concessions in labour regulations, environmental norms will be relaxed, making the process of allocating licences easier.

Most features in Maharashtra’s start-up policy are on the lines of the central government’s policy. As part of the policy, the state government will offer concessions to start-ups. The state-run Small Industries Development Bank of India (SIDBI) and state government have set up a Rs 200-crore venture capital fund to provide easy financing options to micro, small and medium entrepreneurs, who generally find it difficult to get funding.

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