Maharashtra Startup Policy 2024-2030

Empowering Entrepreneurs for a Brighter Future

Maharashtra is committed to fostering a dynamic, world-class startup ecosystem that promotes innovation, entrepreneurship, and sustainable growth. The Maharashtra Startup Policy 2024-2030 envisions transforming the state into the startup hub of India, creating an environment that nurtures startups across diverse sectors such as technology, biotechnology, agribusiness, renewable energy, fintech, and more. By providing the necessary infrastructure, capital, and mentorship, Maharashtra will attract both domestic and international entrepreneurs, paving the way for long-term economic development and job creation.

This policy aims to enable 5,000 startups by 2030, promote inclusive entrepreneurship, and offer comprehensive support at every stage of the startup lifecycle, from idea generation to commercialization.

Vision

Maharashtra’s vision is to be a global startup hub where entrepreneurs are empowered to innovate, collaborate, and thrive. Through strategic partnerships, world-class infrastructure, and a robust support system, Maharashtra will lead India’s transformation into a knowledge-driven economy.

Objectives

Foster Innovation: Create a conducive environment that encourages the development of innovative ideas and cutting-edge technologies.
Support Startups Across Sectors: Provide sector-specific support for high-growth industries, including technology, healthcare, agriculture, clean energy, fintech, education technology (EdTech), and deep tech.
Facilitate Access to Capital: Ensure that startups have access to early-stage funding, venture capital, and angel investors.
Promote Inclusivity: Encourage participation from women, SC/ST entrepreneurs, persons with disabilities, and social impact startups to create a balanced entrepreneurial ecosystem.
Develop Infrastructure: Build world-class incubators, accelerators, and innovation labs across the state to support the startup lifecycle.
Enhance Skill Development: Equip entrepreneurs and their teams with the skills necessary to compete in global markets through mentorship, training, and upskilling initiatives.

Support Global Market Expansion: Promote the internationalization of startups by providing access to global markets, export support, and trade fairs.

Startup Ecosystem Development

Creation of World-Class Startup Infrastructure

Maharashtra will develop state-of-the-art physical infrastructure to provide the necessary facilities for startups, including incubation centers, accelerators, and co-working spaces.

Incubators and Accelerators: Establish sector-specific incubators in key areas such as fintech, biotech, agritech, and deep tech. These incubators will provide startups with access to mentorship, testing labs, prototype development, and networking opportunities.
Innovation Zones: Designate Innovation Zones in Mumbai, Pune, Nagpur, and Aurangabad to encourage the clustering of startups, research institutions, and investors.
Virtual Incubators: Develop virtual incubation platforms that offer startups access to mentors, resources, and networking, even in rural and semi-urban areas.

Academic and Industry Collaborations

Startup Development Centers in Universities: Establish Startup Development Cells in universities and colleges to promote entrepreneurship among students and researchers. These centers will provide technical support, business advice, and funding access.
Collaborations with Industry: Maharashtra will collaborate with industry leaders to promote innovation and R&D through Public-Private Partnerships (PPP), ensuring startups have access to cutting-edge technologies and market insights.

Startup Capital Infrastructure Fund

To support the creation of a robust startup ecosystem, Maharashtra will create a Startup Capital Infrastructure Fund with an initial corpus of ₹500 crore. This fund will provide financial assistance for the development of hard and soft infrastructure, including incubators, innovation hubs, and testing facilities.

Seed Fund and Venture Capital Participation: Maharashtra will partner with SEBI-approved early-stage venture capital and seed fund investors, contributing up to 25% as a Limited Partner, with a focus on financing high-growth startups.
Startup Seed Fund: A dedicated Startup Seed Fund of ₹200 crore will be established to provide early-stage funding to startups with high potential. This fund will also support startups at the idea stage by providing grants for prototype development and market testing.

Support for Startups at Every Stage

Idea and Prototype Stage Support

Startups in the idea or prototype development stage will receive comprehensive support to bring their ideas to life.

Mentorship and Facilities Access: Startups will have access to mentorship programs, testing labs, design studios, and tool rooms at incubators and universities.
Sustenance Allowance: Innovators whose projects are certified by a Nodal Agency will receive a monthly allowance of ₹15,000 for up to 18 months to cover living expenses during the idea development phase.
Prototype Development Grants: A grant of up to ₹10 lakh will be provided for the development of prototypes, product testing, and raw materials required for new product development.

Market Access and Commercialization

Once startups have commercialized their ideas, the Maharashtra government will provide market access and support for scaling up.

Marketing Assistance: Startups introducing innovative products in the market will receive up to ₹10 lakh for marketing, branding, and advertising support to improve product visibility and market reach.
Exemption from State Taxes: Certified startups will receive a 3-year exemption from state taxes, including SGST and VAT, to help them grow during the initial stages of commercialization.
Patent and Trademark Reimbursement: Startups will receive 100% reimbursement for costs incurred in filing and prosecuting patents and trademarks.

Funding and Financial Assistance

Assistance for Startup Funding

Maharashtra will collaborate with banks, financial institutions, and angel investors to ensure that startups have access to the necessary capital.

Bank Lending: Banks will be encouraged to set up dedicated desks for startups in select branches, providing easy access to loans and financial services.
Angel Investor Networks: Maharashtra will create Angel Investor Networks and encourage seed capital funding through partnerships with startup associations, industry bodies, and venture capital firms.

State-Specific Startup Funds

The government will encourage the creation of state-specific venture capital funds to support local startups. These funds will focus on sectors where Maharashtra has inherent strengths, such as agribusiness, manufacturing, clean energy, and fintech.

Incentives and Benefits for Startups in Maharashtra

The Maharashtra Startup Policy 2024-2030 offers a comprehensive and attractive set of incentives and benefits designed to support startups at every stage of their growth. These incentives are targeted to reduce the financial burden on startups, promote innovation, enhance global competitiveness, and foster a supportive ecosystem that encourages entrepreneurship across all sectors. The incentives focus on providing startups with access to capital, tax relief, subsidies, and market access, making Maharashtra the ideal destination for both domestic and international entrepreneurs.

Below is a detailed and exhaustive breakdown of the Incentives and Benefits for Startups in Maharashtra:

Financial Incentives

To support the financial needs of startups, Maharashtra offers several financial incentives, from capital subsidies to tax exemptions, helping startups reduce their initial investment costs and improve cash flow during their critical growth phases.

Incentive	Details
SGST Reimbursement	Startups will receive 100% reimbursement of SGST paid on the sale of products and services for the first 5 years of operations. This ensures that startups can retain a higher portion of their revenue to reinvest in growth and expansion.
Capital Investment Subsidy	Startups can avail up to 50% capital subsidy for investments made in setting up infrastructure, R&D centers, incubators, and innovation labs. This subsidy will be capped at ₹5 crores per startup to encourage innovation and long-term growth.
Stamp Duty and Registration Fee Exemption	Startups will be exempt from 100% stamp duty and registration fees for the purchase or lease of land, office space, or other immovable properties. This exemption is applicable for the first 5 years.
Electricity Duty Exemption	Startups will receive a 100% exemption on electricity duty for the first 5 years of operations, reducing the overall operational cost and promoting the development of energy-intensive startups like manufacturing and technology firms.
Interest Subsidy on Loans	Startups will receive 50% reimbursement of the interest paid on loans taken for capital expenditure or working capital needs for a period of 5 years, with a maximum cap of ₹2 crores per startup. This subsidy helps reduce the financial burden of loan repayments.
Reimbursement of Technology License Fees	Startups will receive up to 50% reimbursement of fees paid for the acquisition of technology licenses or patents to promote the adoption of advanced technologies and cutting-edge innovations.
Startup Seed Fund	A dedicated Startup Seed Fund of ₹200 crore will be available to provide early-stage funding and grants for startups working on prototypes, R&D, and product development, with a focus on high-potential startups in priority sectors like biotech, clean energy, and IT.
Export Promotion Grant	25% subsidies on freight costs, logistics, and participation in international trade fairs for startups engaged in export-oriented activities, promoting international trade and market expansion for Maharashtra-based startups.
Sustenance Allowance	Innovators whose projects are in the idea stage or pre-commercialization phase and are certified by a Nodal Agency will receive a monthly sustenance allowance of ₹15,000 per month for up to 18 months, allowing entrepreneurs to focus on developing their product or service

Tax Incentives and Relief

To ease the tax burden on startups, Maharashtra offers a variety of tax exemptions and rebates designed to boost profitability and encourage reinvestment in business expansion. These benefits are especially crucial during the early stages of a startup’s lifecycle.

Incentive	Details
Income Tax Holiday	Startups will be eligible for a 3-year income tax holiday on profits during the first 5 years of operations, allowing them to focus on reinvestment and growth without the burden of corporate tax payments.
SGST Exemption for R&D Products	Startups engaged in research and development (R&D) will be exempt from paying SGST on the sale of innovative products and services, particularly in sectors like healthcare, IT, and agritech.
Tax Rebates for Exporting Startups	Export-oriented startups will receive customs duty exemptions on the import of capital goods, machinery, and raw materials required for production. This rebate ensures that startups can expand globally without facing heavy import taxes.
Property Tax Concession	Startups operating in dedicated startup hubs and innovation parks will benefit from 50% property tax rebates for the first 5 years, reducing the overhead costs associated with business space.

Grants and Subsidies

To encourage the development of high-growth sectors and foster innovation, Maharashtra provides grants and subsidies that help startups build and commercialize new products, invest in sustainable practices, and promote global expansion.

Incentive	Details
Prototype Development Grant	Startups in the early-stage or idea stage will be eligible for a grant of up to ₹10 lakh for the development of prototypes, including the purchase of raw materials, testing equipment, and technical development services.
Sustainability and Green Technology Grants	Startups developing solutions in renewable energy, waste management, and sustainable manufacturing will be eligible for up to 50% grants for green initiatives, capped at ₹25 lakhs per project. This supports the state’s commitment to green technology.
R&D and Innovation Support	A 40% subsidy on R&D expenditures for startups focusing on product innovation, process improvement, or new technology development. The subsidy is capped at ₹20 lakhs per project and encourages startups to invest in cutting-edge research.
Marketing and Branding Assistance	Startups launching new products will be eligible for marketing assistance of up to ₹10 lakh, covering costs related to advertising, branding, and public relations activities that help startups establish their presence in the market.
Patent and Trademark Reimbursement	100% reimbursement for startups filing for patents, trademarks, and design registrations. This reimbursement helps reduce the cost of protecting intellectual property and encourages innovation.
Product Testing and Certification Subsidy	Startups involved in export-oriented manufacturing and technology development will receive 75% subsidies on costs incurred for product testing, certifications, and compliance requirements in global markets, promoting international competitiveness.

Infrastructure and Facilities Support

To create a thriving startup ecosystem, Maharashtra is developing a network of startup parks, incubators, and innovation labs that offer world-class facilities, mentorship, and technical support at subsidized rates.

Incentive	Details
Subsidized Incubation Spaces	Startups can access incubation spaces and co-working facilities at subsidized rates in Mumbai, Pune, Nagpur, and Aurangabad, with priority access for women entrepreneurs, social impact startups, and startups in rural areas.
Dedicated Innovation Zones	Innovation Zones will be established in key cities to encourage collaboration between startups, research institutions, and industry experts. Startups will receive preferential access to these zones and associated services such as technical labs and workshops.
Startup Parks	Startup Parks will be developed in strategic locations across Maharashtra, offering startups access to office spaces, laboratories, and testing facilities with long-term lease options and concessional rates for up to 10 years.
Free Access to University R&D Labs	Startups will be given free access to R&D facilities and testing labs in government-run universities and research institutions, allowing them to utilize cutting-edge equipment for product testing and development.
Virtual Incubation Support	For startups in rural and semi-urban areas, Maharashtra will offer virtual incubation services, providing access to mentors, investors, and online resources for startups that cannot physically access urban incubators.

Skill Development and Employment Subsidies

Maharashtra recognizes the importance of a skilled workforce for startup growth. To this end, it offers a variety of skill development programs, training subsidies, and employment incentives that encourage startups to create jobs and develop talent.

Incentive	Details
Employee Training and Skill Development Support	50% reimbursement of the costs associated with training programs, technical certifications, and vocational education for employees in startups, capped at ₹5 lakhs per startup. This support ensures startups have access to a skilled workforce.
Employment Generation Subsidy	Startups creating new jobs will receive an employment generation subsidy of ₹20,000 per employee hired from local communities, with a cap of ₹10 lakhs per year per startup.
On-the-Job Training Support	Startups offering on-the-job training for their employees will be eligible for a subsidy of up to ₹1 lakh per year, promoting internal skills development.
Apprenticeship and Internship Support	Startups providing internship opportunities for students and local youth will receive an allowance of ₹1 lakh per annum, encouraging skill development and job creation.

Global Market Access and Internationalization

Maharashtra provides startups with the tools and resources to expand globally, ensuring they can access international markets, secure foreign investments, and establish a global presence.

Incentive	Details
International Trade Support	25% subsidy on costs incurred for participation in international trade fairs, exhibitions, and buyer-seller meets to promote startups’ products and services globally, with a cap of ₹10 lakhs per startup per year.
Global Accelerator Program	Startups will have access to global accelerators in countries like USA, Singapore, UK, and Germany. Selected startups will receive travel grants, mentorship, and workspace access to help them expand internationally.
Export Promotion Support	Startups involved in exporting products and services will benefit from subsidies on export-related documentation, customs processing, and export logistics, ensuring smoother access to international markets.
Global Collaboration Network	Maharashtra will establish global collaboration networks to help startups build partnerships with international R&D institutions, universities, and innovation centers for product development and market entry strategies.

Governance and Implementation Framework

State-Level Startup Council

The Maharashtra Startup Policy will be governed by a State-Level Startup Council responsible for policy implementation, monitoring progress, and evaluating impact. The council will consist of representatives from the government, academia, industry experts, and startup leaders.

Startup Development Cells

Startup Development Cells will be established at universities, colleges, and District Industries Centers (DICs) to provide information and support for aspiring entrepreneurs. These cells will offer a Ready Reckoner or Information Handbook on the startup ecosystem and policy benefits in both regional languages and English.

Conclusion: Maharashtra Leading India’s Startup Revolution

The Maharashtra Startup Policy 2024-2030 is a comprehensive, visionary initiative designed to position Maharashtra as India’s leading startup hub. By offering world-class infrastructure, financial incentives, and strategic partnerships, Maharashtra aims to empower entrepreneurs, promote sustainable development, and drive economic growth across the state.

With an emphasis on innovation, global market access, and inclusive growth, Maharashtra invites startups, investors, and entrepreneurs from across India and the world to be part of its transformative journey. Join us in shaping the future of entrepreneurship in Maharashtra!

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About Make in Maharashtra

The Make in Maharashtra is a Public Benefit Corporation (PBC) with a mission to establish Maharashtra as a key player in international economic collaboration, focusing on strategic partnerships with nations like USA, Europe, Australia, African Union, KSA, China, India, Qatar, Saudi Arabia, Türkiye, and the UAE across vital sectors such as energy, technology, agriculture, and finance. Our goal is to integrate lessons from successful global economic models, adopting best practices to ensure sustainable and inclusive growth. We aim to enhance economic prosperity and diversification, contribute to societal progress, and promote sustainable economic practices. By leveraging Maharashtra’s unique position, Make in Maharashtra strives to drive substantial economic growth, spur innovation, and solidify Maharashtra’s stature in the international economic arena, resonating with the government’s vision of a technologically advanced and interconnected economy.