Maharashtra Gains Limelight In The Startup Space
As per a recent data by the Department for Promotion of Industry and Internal Trade (DPIIT), Maharashtra has emerged as the state that has the maximum number of startups.
Ever since 2016, around 19,351 startups have been recognised by the Government’s ‘Startup India’ initiative across the country. Karnataka follows Maharashtra, which is in the leading position. Delhi and Uttar Pradesh occupy the next positions.
Startup India Initiative
The Government of India launched the ‘Startup India’ initiative on 16th January 2016, with 19 action points to boost the startup ecosystem. This would be by reducing the regulatory burden and thus providing easier access to funds and technology.
To attend more to startups, ‘Fund of Funds’ for startups for Startups was allotted a corpus of Rs. 10,000 crore with DPIIT as the mentoring agency and Small Industries Development Bank of India (SIDBI) as the operating agency for FFS.
Union Commerce and Industry Minister Piyush Goyal said that the total corpus of Rs. 10,000 crore is envisaged to be provided over the 14th and 15th Finance Commission cycles that depend on the progress of the scheme and the availability of funds.
Achievement So Far
As of now, INR. 483.46 crore has been drawn from Fund of Funds. Out of this, 75 startups in Karnataka raised INR. 499.85 crores.
So far, in Maharashtra, 68 startups secured INR. 440.38 crore and 46 startups in Delhi fetched INR. 252.94 crore. Goyal further added that SIDBI has committed INR. 3123.20 crore to 49 AIFs, which have invested INR. 1,625 crore into 247 startups. A corpus fund of INR. 27,478 crore has been raised.
Maharashtra becoming the startup hub of India is a matter of pride and great happiness indeed. With so many innovative startups hovering around, seems that the days ahead would be influential indeed.