Latest news with #EntrepreneurshipandInnovationPolicy2025
Hindustan Times
4 days ago
- Business
- Hindustan Times
Mahindra, Toyota, JSW among 25 firms to revamp govt's industrial training institutes
MUMBAI: In a major boost for the upgradation of Industrial Training Institutes (ITIs) in the state, the skill education department has received expressions of interest from around 25 companies and non-profit organisations under its Public-Private Partnership (PPP) model. Big industry names like Mahindra & Mahindra, Toyota, Chitale Bandhu, JSW and the Baramati Industrial Development Association are among those willing to adopt ITIs to improve their training standards. Mahindra, Toyota, JSW among 25 firms to revamp govt's industrial training institutes Employment and skill development minister Mangal Prabhat Lodha said that ITIs had been bereft of the necessary upgrades for years. 'Through PPP and skill-based courses, we want to make these institutes more job-oriented and bring back their former reputation,' he said. Lodha revealed that JSW was interested in working on solar technology with several ITIs and Chitale Bandhu had evinced an interest in taking over a Sangli-based ITI. The state government approved the PPP policy for ITIs early this year. As part of the agreement, private partners have to invest a minimum of ₹10 crore for a 10-year term or ₹20 crore for 20 years. Half the amount will go towards upgrading infrastructure and modern equipment while the remainder will be used for staffing and training needs. The state had earlier reached out to over 5,000 companies and professionals to collaborate on ITI development. The state's skill education department, under the Maharashtra Startup, Entrepreneurship and Innovation Policy 2025, has designed 20 short-term courses across four categories: management, software, soft skills and New Age technologies such as artificial intelligence and machine learning. Each ITI will offer five courses based on local demand. 'Starting this academic year, ITI students in Maharashtra will have access to new short-term management and technical courses for free,' said Lodha. 'From September 15, courses in business analytics, marketing, production, finance and other management subjects will be introduced across all ITIs.' The courses, of three to four months (about 400 hours) each, aim to equip students with basic management and soft skills. While ITI students can enrol at no cost, others such as degree engineering and agriculture students can also join by paying a course fee. In addition to management training, new technical programmes in areas such as solar panel installation and maintenance, EV mechanics, industrial robotics and digital manufacturing will also be introduced. While talking on the Maharashtra Startup, Entrepreneurship and Innovation Policy 2025, Lodha said, 'To strengthen infrastructure, the government will establish micro-incubators in ITIs, polytechnics and other educational institutions, along with dedicated Regional Innovation and Entrepreneurship Centres (RIECs) in every division. These centres will focus on high-potential sectors such as Artificial Intelligence, Deep Tech, FinTech, Med Tech, Cybersecurity, and Sustainability.'
Indian Express
5 days ago
- Business
- Indian Express
5-year strategy to aid 1.25 lakh entrepreneurs: Startup policy gets Maharashtra Cabinet nod
The Maharashtra state cabinet on Tuesday approved a startup policy aimed at promoting innovation, self-employment and entrepreneurship across urban and rural regions. The Maharashtra Startup, Entrepreneurship and Innovation Policy 2025, cleared by the state Cabinet, outlines a five-year strategy to support 1.25 lakh entrepreneurs and recognise 50,000 startups, with provisions for a Rs 500-crore Maha-Fund, subsidised loans, incubation infrastructure, global startup exchange, and a new 300-acre Maharashtra Innovation City in Navi Mumbai. Under the policy, aspiring entrepreneurs will be eligible for loans between Rs 5 lakh and Rs 10 lakh at a 3% subsidised interest rate, to be provided through a structured three-stage selection process. A total of five lakh youth, including graduates and ITI pass-outs, will be screened, of which 25,000 will be selected for financial and incubation support. The government will simultaneously set up micro-incubators in ITIs, polytechnics, and academic institutions, along with regional innovation and entrepreneurship hubs in each of the state's administrative divisions. A key infrastructure initiative is the development of the Maharashtra Innovation City (MIC), a 300-acre integrated facility planned near Navi Mumbai International Airport. Designed as a convergence zone for startups, R&D labs, corporates, academia and government, the city will host sector-focused clusters in AI, FinTech, Deeptech, Medtech, Biotech, Spacetech, smart infrastructure, mobility, sustainability, and cyber security. The facility will include AI sandboxes, data analytics labs, co-working spaces, a single-window policy facilitation centre, and venues for global startup exchanges, demo days and investor summits. Startups selected through the Maharashtra Startup Week will be eligible for pilot work orders of up to Rs 25 lakh from state departments. The policy also provides for reimbursements of Rs 5 lakh for domestic patents, Rs 20 lakh for international patents, Rs 5 lakh for quality certifications, as well as funding for participation in domestic and international exhibitions. The policy introduces a robust governance model anchored by a general body chaired by the Chief Minister, supported by a governing council and administered by the Maharashtra State Innovation Society (MSInS). Each state department will earmark 0.5% of its annual outlay for innovation and entrepreneurship promotion. A centralised startup registry will assign unique IDs to all eligible startups, incubators, mentors, and investors to ensure transparent access to government benefits. To strengthen access to capital, the policy will launch a Rs 200-crore venture fund with IDBI Capital, focusing on Deeptech, agritech, healthcare, sustainability and women-led startups. Additionally, a Rs 100-crore fund will be created with SIDBI, leveraging a 1:2 public-private capital structure. Provisions have also been made for CSR-linked incubators, social impact accelerators and regulatory sandbox frameworks to support innovation in emerging technologies. The digital component includes a mentorship platform, a real-time knowledge portal, and promotion of AI-based innovation using government open datasets. The policy integrates entrepreneurship courses into school and ITI curricula, and will utilise the 3.5% innovation allocation under District Annual Plans to promote grassroot innovations, local cluster developments and inclusive enterprises. 'This policy is structured to provide direction, financial backing and mentoring, so that young entrepreneurs don't waste years without support,' Mangal Prabhat Lodha, Minister for Skills, Employment, Entrepreneurship and Innovation, said after the cabinet meeting. 'It's not just a policy of subsidies — it's a cohesive ecosystem strategy designed to position Maharashtra as India's leading innovation destination,' said Manisha Verma, Additional Chief Secretary of the Skills, Employment, Entrepreneurship and Innovation Department. Maharashtra hosts over 14,000 women-led startups and is home to 27 of India's 117 unicorns, accounting for 23% of the national count. All 36 districts in Maharashtra have at least 20 recognised startups, reflecting a strong geographical spread. The state has received national accolades for administrative excellence and ranks among the top performers in the State Ranking Framework (2022–23). However, despite this scale, startup activity remains concentrated in urban centres like Mumbai and Pune. Rural regions, tier-2 cities, and emerging sectors such as Deeptech, AI, blockchain, and agritech remain underserved. There is a lack of decentralised incubation, limited procurement channels for early-stage startups, and insufficient global investor access. The 2025 policy aims to address these structural gaps by building a more inclusive, distributed, and sector-wise diversified startup ecosystem across the state.
Time of India
5 days ago
- Business
- Time of India
State cabinet clears startup policy, aims to create 50,000 startups in 5 years
Mumbai: The state cabinet on Tuesday cleared the Maharashtra Startup, Entrepreneurship and Innovation Policy 2025, which aims at creating 1.25 lakh entrepreneurs and 50,000 startups in the next five 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.
News18
6 days ago
- Business
- News18
Maharashtra cabinet approves new startup policy, freight corridor project
Mumbai, Aug 5 (PTI) The Maharashtra Cabinet on Tuesday approved several key decisions, including a new startup and innovation policy, a freight corridor project, land reforms, and enhanced support for leprosy care organisations. The cabinet approved the Maharashtra Startup, Entrepreneurship and Innovation Policy 2025 to promote skill development, entrepreneurship and innovation across the state, a statement from the Chief Minister's Office (CMO) said. It also gave approval for a new freight corridor connecting the Vadhavan Port (in Palghar district) to the Hindu Hriday Samrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg at Bharvir. The project planning and land acquisition process have been cleared, the release said. A policy for the disposal of unviable government land was also cleared by the cabinet. This includes small, narrow, inaccessible or landlocked plots that are unsuitable for construction, it said. A revised policy for the commercial use of surplus land of the Maharashtra State Road Transport Corporation was also approved, allowing the MSRTC to monetise additional land holdings, it said. The release further said Rs 50 crore grant for 1,124 workers of Nagpur Weavers' Cooperative Spinning Mill has been sanctioned. The grant will be funded through the sale of the mill's land. The cabinet also approved an increase in the monthly grant for the non-government organisations (NGOs) working for leprosy patients from Rs 2,000 to Rs 6,000, the statement said. PTI MR GK view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
