State cabinet clears startup policy, aims to create 50,000 startups in 5 years
Maharashtra has the highest number of startups in the country, recording 29,146 startups by May 31. It accounts for 18% of the total number of startups in the country.
The new policy is aimed at creating a more effective ecosystem for innovators, entrepreneurs, and investors. Special encouragement will be given to start-ups led by women and youth. Under the policy, the Rs 500 crore Chief Minister's "Maha-Fund" will provide financial assistance to 25,000 early-stage entrepreneurs from a pool of 5 lakh youth.
They will be selected after a rigorous three-stage process and provided with mentoring, incubation, and financial assistance.
"Maharashtra Innovation City" will bring together startups, corporates, educational institutions, and the govt in a 300-acre city. This innovation city will be a hub for research and innovation. It will be mandatory for each department in the state to reserve 0.5% of its annual funds for promoting innovation and entrepreneurship.
Start-ups selected under Maharashtra Startup Week will be able to work directly with govt departments and will be given pilot work orders of up to Rs 25 lakh.
You Can Also Check:
Mumbai AQI
|
Weather in Mumbai
|
Bank Holidays in Mumbai
|
Public Holidays in Mumbai
Micro incubators will be set up in ITIs, polytechnics, and educational institutions across the state for well-organised infrastructure. Regional innovation and entrepreneurship hubs will be established in each administrative division. Financial compensation will be provided for patent registration, product quality certificates, and participation in domestic and international exhibitions.
Also, a special mechanism will be created for loan assistance to startups that have received work orders from public institutions and other trusted customers. All the schemes will be implemented through the Maharashtra State Innovation Society.
"This is more than just a policy—it's a commitment to turn Maharashtra into a national and global hotspot for innovation-driven entrepreneurship and would help the state to achieve its target of a trillion-dollar economy. This would complement the state's overall efforts to create a world-class infrastructure and catalyse its growth," said chief minister Devendra Fadnavis.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
2 minutes ago
- Indian Express
Delhi govt to form DJB body, bring policy to regularise illegal borewells, commercial establishments: Water Minister Parvesh in assembly
Delhi Water Minister Parvesh Sahib Singh on Friday said that a Delhi Jal Board (DJB) agency will be formed and a regularisation policy will be formulated to crack down on illegal borewells run by private contractors and commercial establishments across the city. Responding to questions raised in the legislative assembly on the city's water crisis, he said that the Delhi government is already working on forming the DJB enforcement agency. 'The current situation in Delhi is a result of 11 years of negligence. Abruptly shutting all borewells is not practical. Action is being taken against those selling water from borewells. An enforcement team is being formed to monitor commercial establishments and impose penalties if necessary,' said the minister. The minister, in his reply to another question, said that a pipeline project worth Rs 7 crore was executed in Sangam Vihar, but due to leakage, it never became operational. 'Now officials are seeking an additional Rs 4 crore to repair it — an example of sheer negligence by the previous administration,' he said. He also blamed the previous AAP-led Delhi government for not integrating unauthorised colonies into the Master Plan of Delhi, and accused them of allowing these to expand for 'political gain' and 'vote bank'. 'This (AAP) might be the first government in the country that actually let water wastage rise. If we bring this down to even 10 per cent, Delhi will no longer face any water shortage,' he claimed. He also revealed that the Asian Development Bank had refused to fund water projects under the previous government due to their demand of a 6 per cent commission. 'Within just a week of our government taking charge, the ADB reinitiated talks and expressed willingness to cooperate.' The minister further informed the house that new pipelines have been laid along 15 km, and 58 km of old lines have been replaced in the past few months. Pipelines, which had stopped functioning, have also been fixed.
India.com
4 minutes ago
- India.com
Meet woman, married to Indian billionaire who had Rs 200000000000 net worth, but sold his Rs 12000 crore company for just Rs 74 due to...
Chandrakumari Shetty is the wife of embattled former billionaire BR Shetty. (File) Dr. Chandrakumari Shetty, the wife of disgraced Indian-born billionaire Dr. BR Shetty, established the New Medical Center Health (NMC)– the first private healthcare provider in the UAE– in Dubai in 1975. During its initial years, Chandrakumari was the only doctor at the hospital and managed the entire facility by herself. However, NMC has grown into the UAE's largest private healthcare provider today, with over four million patients annually across its 45 facilities spread over 12 cities and 8 countries, including UAE, KSA, Oman, Spain, Italy, Denmark, Colombia, and Brazil. Who is BR Shetty? Bavaguthu Raghuram Shetty, or BR Shetty as he is popularly known, was born in a middle-income home in Udupi, Madras Presidency, then British India (now Karnataka, India), on August 1, 1942, and at the age of 31, immigrated to the Dubai in 1973 in search of better opportunities. According to media reports, BR Shetty, who started his career as a medical representative, arrived in Dubai with just $8 to his name, and began working as a door-to-door salesman, selling medicines. However, within a brief span of time, Shetty developed contacts with several wealthy and influential people, and a few years later, established UAE's first private healthcare provider, New Medical Center Health (NMC), in Dubai. was once counted among the wealthiest people on the planet, ranking on the Forbes list of India's 100 Richest People in 2015, and the 42nd richest person in 2019. What led to BR Shetty's downfall? After establishing NMC, BR Shetty started to diversify his businesses and investments, ranging from health, finance, to real estate, and capital investment. Shetty's successful business ventures resulted in him amassing a large, and at one point, he had a net worth of $3 billion (around Rs 20,000 crore), earning him a spot on the Forbes list of India's 100 Richest People in 2015, and the 42nd richest person in 2019. The Indian-born business tycoon lived a life of opulence, owned private jets and a fleet of Rolls Royce vehicles, and even bought two entire floors in the lavish Burj Khalifa, besides several luxurious villas across Dubai. However, destiny had a cruel fate in store for BR Shetty, when in 2019 , Muddy Waters Research levelled damning allegations against his companies. In a post on X (former Twitter), the US-based short-seller posted a report revealing that Shetty's firm owed a $1 billion debt which was kept secret from the company's investors. In its report, Muddy Waters Research alleged that Shetty had hid the debt from his investors and defrauded them by exaggerating cash flow figures. Following the allegations, the shares of Shetty's companies went into freefall, ultimately forcing him sell his Rs 12,478 crore company to the Israel-UAE consortium for just Rs 74. Who is Chandrakumari Shetty? Dr. Chandrakumari Shetty, the wife of embattled Dubai-based Indian billionaire BR Shetty, is a trained medical doctor by profession, who along with her husband, established the NMC, UAE's first private healthcare provider, which has today grown into a healthcare giant with 45 facilities spread over 12 cities and 8 countries, including UAE, KSA, Oman, Spain, Italy, Denmark, Colombia, and Brazil. Under Chandrakumari Shetty's leadership, NMC Health grew into the largest private healthcare company in the UAE, but following her husband's bankruptcy, she stepped down from her leadership role in the company in 2021, citing personal reasons.
India.com
4 minutes ago
- India.com
Tata Motors Net Profit Plunges 63 Per Cent YoY To Rs 4,003 Cr In Q1
New Delhi: Tata Motors Limited's (TML) net profit for the first quarter of the first financial year (Q1 FY26) stood at Rs 4,003 crore, down 62 per cent year-on-year (YoY), as per an exchange filing on Friday. The automobile manufacturer had posted a consolidated net profit of Rs 10,597 crore in the corresponding quarter a year ago (Q1 FY25). The profit declined by over 50 per cent on a quarter-on-quarter too, from Rs 8,556 crore in the preceding quarter. In the April-June quarter, the company reported a total income of Rs 1.05 lakh crore, showing a slight decline compared to Rs 1.08 lakh crore recorded in Q1 FY25. The income also fell sequentially from Rs 1.21 lakh crore in Q4 FY25. Total expenses in Q1 FY26 stood at Rs 1 lakh crore, marginally higher than the Rs 99.89 thousand crore reported in the same quarter of the previous fiscal year. However, expenses were lower on a sequential basis compared to Rs 1.09 lakh crore in Q4 FY25. TML's performance in the quarter was impacted by volume decline in all businesses and a drop in profitability, primarily at Jaguar Land Rover (JLR), the filing said. JLR revenues were down by 9.2 per cent to 6.6 billion euros, with EBIT margins of 4 per cent affected by the US trade tariff impact. On 30 July 2025, the TML announced the 100 per cent acquisition of Iveco Group N.V. (excluding Defence) shares via Voluntary Tender Offer to all public shareholders, bringing together complementary capabilities, global reach, and a shared strategic vision to drive long-term growth and unlock significant value, the company said. 'Despite stiff macro headwinds, the business delivered a profitable quarter, supported by strong fundamentals," Tata Motors' Group Chief Financial Officer, P.B. Balaji, said. "As tariff clarity emerges and festive demand picks up, we are aiming to accelerate performance and rebuild momentum across the portfolio. Against the backdrop of the upcoming demerger in October 2025, our focus remains firmly on delivering a strong second-half performance," Balaji added.
