(MENAFN- KNN India) Mumbai, Aug 6 (KNN) The Maharashtra cabinet has approved the Startup, Entrepreneurship and Innovation Policy 2025, with the ambitious goal of creating 1.25 lakh entrepreneurs and 50,000 startups over the next five years.

Maharashtra currently leads the country with over 29,000 registered startups, accounting for 18 per cent of India's total.

The policy focuses on building a robust ecosystem for startups, with special incentives for ventures led by women and youth.

A key highlight is the Rs 500 crore Chief Minister's Maha-Fund, which will support 25,000 early-stage entrepreneurs selected fr0m a pool of 5 lakh youth through a three-stage process. Selected individuals will receive mentoring, incubation support, and funding.

A major initiative under the policy is the creation of Maharashtra Innovation City, a 300-acre hub that will bring together startups, corporates, academic institutions, and government departments to promote research and innovation.

Additionally, every state department will be required to allocate 0.5 per cent of its annual budget to support entrepreneurship and innovation.

Startups shortlisted under the Maharashtra Startup Week will be given direct opportunities to work with government departments and may receive pilot work orders worth up to Rs 25 lakh.

To enhance infrastructure, micro-incubators will be set up in ITIs, polytechnics, and colleges across the state. Regional hubs for innovation will also be established in each administrative division.

The policy also includes provisions for financial support for patent filing, product certifications, and participation in trade exhibitions.

A dedicated mechanism will be introduced to help startups secure loans, especially those with work orders fr0m government or reputed institutions.

Chief Minister Devendra Fadnavis said the policy reflects a strong commitment to making Maharashtra a global hub for innovation and entrepreneurship, aligned with the state's goal of becoming a trillion-dollar economy.

(KNN Bureau)

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