CM Fadnavis Signs MoU With SIDBI For Rs 100 Crore Fund For Startups in Maharashtra, Emphasises Defence Manufacturing

Maharashtra Chief Minister Devendra Fadnavis on Thursday (16 January) signed a Memorandum of Understanding (MoU) with the Small Industries Development Bank of India (SIDBI) to establish a Rs 100 crore fund aimed at bolstering startups and small businesses in the state.

"We have signed an MOU with SIDBI. Earlier, funds which were managed at Mumbai. Now, a Rs 30 crore fund will be available at every divisional centre," Fadnavis announced during the National Startup Day programme in Mumbai.

Organised by the Maharashtra State Innovation Society under the Department of Skill, Employment, Entrepreneurship and Innovation, the event carried the theme

'Empowering Innovation, Elevating Maharashtra' and witnessed participation from 1,000 startups across diverse sectors, including technology, agriculture, pharmaceuticals, and tourism.

Highlighting Maharashtra's pioneering efforts in fostering innovation, Fadnavis remarked, "In Maharashtra, we were the first amongst all other states to have our startup policy. We have also created a fund of funds, especially for the defence sectors. I am happy to tell you - that there are more than 300 MSMEs and startups who have successfully created their space in the defence manufacturing sector which are funded by the fund of funds created by the govt of Maharashtra."

Fadnavis also underlined the potential of smaller cities as hubs of innovation, stating, "This start-up revolution has to go to tier 2 and tier 3 cities, and we have seen that in many of the start-ups, people come from these cities and they have been very successful."

Separately, addressing concerns about the law and order situation following an attack on Bollywood actor Saif Ali Khan, Fadnavis defended Mumbai's reputation as a safe city.

He further asserted, "Mumbai is the safest place, and there is no doubt about it. Just based on one or two incidents, it won't be right to say that Mumbai is unsafe. At the same time, it is also correct that if any such kind of incident happens, we should take it seriously and act accordingly and keep Mumbai safe."