Can State Government’s Efforts Make Mumbai India’s Startup Hub?
20 April 2019 8:28 AM GMT
Mumbai, today, houses the third largest population of startups in India. Often regarded as the financial capital of the country, the region has made monumental progress in the lending, payments, investments, insurance and personal finance management space, contributing immensely to India becoming world?s second largest FinTech hub.
- Being the home to corporate giants like Tata Group, Reliance Industries, Aditya Birla Group and Godrej Group, leading financial institutions and regulatory bodies like the Reserve Bank of India, National Stock Exchange and Bombay Stock Exchange and world-class educational institutions, Mumbai has so much to offer to India's startup ecosystem.
- The vision first took shape in February 2018 when the state first launched its fintech policy, followed by the official launch of Mumbai FinTech Accelerator programme, a unique public-private partnership that is bringing together FinTech startups, Industry experts, Financial Institutions, VC/PE firms and the Government of Maharashtra.
- "A holistic approach would be adopted including establishing a network of incubators, cultivating entrepreneurial mind-sets among students, connecting relevant stakeholders, simplifying the regulatory environment and making strategic investments to foster entrepreneurship across the state," he further added, commending the smart move to collaborate with multiple industries and academia to create a conducive environment for startups to excel and contribute to robust economic growth.
- With the aim to help Maharashtra "leapfrog" into a premier startup destination, the state government introduced Maharashtra Startup Policy in 2018.
- To ensure that original ideas are developed and pursued till completion, the State strives to work together with industries, industry associations and academic institutions towards creating world-class infrastructure facilities for the start-ups to excel while acknowledging that it is imperative to nurture innovation and lateral thinking at both school and college level.