Maharashtra to Enhance Support for MSMEs and Start-ups: Here’s the Deal
From going cashless to gaining incredibly useful insights through data, India has progressed leaps and bounds in its FinTech game. And over the years, Maharashtra has emerged as a powerhouse of FinTech, with several banks and financial institutions, as well as start-ups and MSMEs, opting for efficient FinTech apps.
So, with Maharashtra Minister for Industries Uday Samant promising enhanced support for MSMEs and start-ups, Maharashtra in general, as well as Mumbai in particular, are likely to witness further growth and evolution in this sector.
Recently, the World Trade Centre in Mumbai, together with the All India Association of Industries, organized the 9th Global Economics Summit on “Fintech: Accelerating the Digital Revolution,” inaugurated by Mr. Uday Samant. The organizers released a statement regarding the support committed to MSMEs and start-ups at this event, stating that the government shall fulfill the PM’s vision to transform Mumbai into a global FinTech hub.
As per the statement, the government shall provide red-carpet support to MSMEs and start-up projects, prioritizing them on par with large-scale projects. “If India aims to be the USD 5 trillion economy in the next few years, Maharashtra will contribute significantly to this target with the goal of USD 1 trillion economy vision,” the minister said.
Further, Nidhi Choudhari, CEO-Nodal Officer, Maharashtra State Innovation Society, said that since Maharashtra, and particularly Mumbai, is home to the majority of FinTech start-ups in India, it provides a conducive environment for more such start-ups to be established.
Start-ups and MSMEs can benefit considerably from initiatives such as bank credit during financially turbulent times, increase in loan limits, and connection with different stakeholders in real time. Some of these initiatives have been discussed in the Union Budget 2024 and are likely to transform small-scale businesses in Maharashtra as well as across the country.
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