Maharashtra announced its plan to increase its startup portfolio. State’s Industries Minister, Uday  Samant mentioned that the state is aiming to expand its startup portfolio from 8,300 to 50,000  startups. The union government recently issued a list of startups in the last two years and Maharashtra  accounts for 8300 startups in the list. Maharashtra became the number one state in the country for the  highest startup portfolio number.  

The state government plans to expand this number and increase the total number of startups to 50,000  in upcoming years. The state has also decided to offer first-classtreatment to the companies from large  corporate, Micro, small, and Medium Enterprises. The minister mentioned giving the same treatment  to those who make Rs 50,000 investments and those with overseas investments to remove the  difference in treatments. The Co-chairman, of Assocham National Council on WTO, Trade and  Investment Council, Anurag Agarwal told in a press conference that 63 million MSMEs in India  contribute to 30 percent of the total GDP. These enterprises not only contribute to the expenses but  also offer employment opportunities. The government is aiming to invest in these MSMEs to achieve  the 5 trillion economy goal. 

Bureau data mentioned a 21.8 percent increase in Maharashtra’s startups in 2023 compared to the  previous year. The state reported 5,801 new startups in just one year. This new initiative startup Mahakumbh program is expected to give a boost to the country’s startup ecosystem. Many startups  are already planning to establish their manufacturing units in the state using the program the  government offers. The government launched various schemes in the past few months to help MSMEs.  The recently launched program includes a trade marketing scheme to help MSMEs join e-commerce  platforms. 

Ather is a Bengaluru-based EV that raised $34.5 million in a debt and equity round led by Stride Ventures. The startup is planning to set up its manufacturing unit in Maharashtra to utilize the program  benefits. The startup plans to build two-wheeler EV solutions for market expansion and to increase  the performance capability of the platform. Various startups will be signing up for the program to reach  more people around the country. Another startup, Mega Networks also announced its plan to set up  AI servers in Maharashtra by the third quarter of this year. 

Conclusion: 

The Industries Minister of Maharashtra, Uday Samant announced the state’s plan to expand its startup  portfolio from 8,300 to 50,000. The state has also decided to offer first-class treatment to the  companies from large corporate, Micro, small, and Medium Enterprises. MSMEs not only contribute  to the expenses but also offer employment opportunities. The government is aiming to invest in these  MSMEs to achieve the 5 trillion economy goal. This new initiative startup Mahakumbh program is  expected to give a boost to the country’s startup ecosystem. Many startups are already planning to  establish their manufacturing units in the state using the program the government offers. Following  this announcement, Ather Energy and Mega Networks also announced their plan to set up a  Manufacturing Unit and AI servers in Maharashtra this year.