In a groundbreaking move aimed at solidifying Maharashtra’s position as a leading hub for start-ups in India, Chief Minister Devendra Fadnavis unveiled plans to create an "Innovation City" modeled on Gujarat's GIFT City. Addressing a forum focused on start-ups and technology in Mumbai, Fadnavis emphasized that the new city would serve as a center for technological innovation, specifically targeting the burgeoning field of Artificial Intelligence (AI).

The envisioned Innovation City is designed to provide an ideal environment for start-ups, particularly in cutting-edge sectors like AI. The Chief Minister stated, "We need to create an ecosystem that empowers our start-ups to thrive in the AI space. Maharashtra must become a hub for AI-powered start-ups," underlining the state’s ambition to stay at the forefront of innovation.

Fadnavis highlighted Maharashtra’s already strong position, noting that the state is home to over 25,000 start-ups, with significant achievements in investment and valuation. Citing a Union government report, he proudly noted Maharashtra’s ranking as the top start-up ecosystem in the country, with cities like Mumbai, Pune, Nagpur, Nashik, and Chhatrapati Sambhajinagar leading the way.

India, now the third-largest start-up ecosystem globally, has witnessed incredible growth from just 471 start-ups in 2016 to over 1,57,000 today. Maharashtra has played a pivotal role in this remarkable transformation, with the Chief Minister expressing confidence that India is poised to become the global leader in start-ups.

In addition to the development of the Innovation City, Fadnavis announced a Rs 100-crore fund in partnership with the Small Industries Development Bank of India (SIDBI) to support start-ups across Maharashtra. The fund will be allocated differently than previous funds, with Rs 30 crore designated for each revenue division, ensuring that start-ups in tier-2 and tier-3 cities also benefit from this initiative.