Maharashtra Looks To Expand Its Startup Portfolio To 50,000

Uday Samant, the industries minister of Maharashtra, has expressed the state's intention to significantly increase its number of startups from the existing 8,300 to an impressive 50,000 in the near future.

The state has also chosen to provide preferential treatment to firms, ranging from MSMEs to huge corporations.

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The minister further stated that formerly, companies receiving foreign investments in Maharashtra were given preferential treatment. However, now even companies making an investment of INR 50,000 are treated in the same manner.

In the year 2023, the government has officially acknowledged a total of 5,801 startups originating from the state of Maharashtra. This is a significant increase of 21.8% compared to the previous year, 2022.

Anurag Agrawal, co-chair, Assocham National Council on WTO, Trade and Investment Council, said: “There are almost 63 Mn MSMEs across the country contributing about 30% to the GDP. These MSMEs also generate employment opportunities and contribute to exports. With a strong synergy of government initiatives and industry participation, our target of achieving a 5 Tn-dollar economy is not far away,” 

Uday Samant, Maharashtra’s industries minister, said: “An analysis on the health of startups and the challenges faced by them needs to be undertaken.”

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