CHIEF Minister Devendra Fadnavis on Thursday announcedplans to establishan “Innovation City”inMaharashtra on the lines of Gujarat’s GIFT City, underscoring the need for efforts to maintain the State’s leadership in India’s start-up ecosystem. Speaking at a forum on startups and technology here,he said this initiativewould create a hub for technology and innovation, providing fertile ground for startups, particularly in emerging areas such as artificial intelligence (AI).

 

“The way GIFT City has been created, we aim to develop an Innovation City in Maharashtra at anevenfasterpace,”Fadnavis said. The Gujarat International Finance Tec-City (GIFT City) is India’s first International Financial ServicesCentre under the Special Economic Zone Act. The financial and technology hub between Ahmedabad and Gandhinagar is designed to attract businesses from India and abroad. Highlighting Maharashtra’s achievements, Fadnavis saidthe State is home to over 25,000 startups and continues to lead in “investment and valuation”.

 

Citing a report of the Union Government,he expressed pride in the State’s ranking as the top start-up ecosystem in India. He attributed the success to cities like Mumbai, Pune, Nagpur, Nashik, and Chhatrapati Sambhajinagar. Indiahasnowthethird-largest start-upecosystemglobally,with over 1,57,000 start-ups, up from just 471 in 2016, he said. While Maharashtra has played a pivotal role in this growth, India could soon become the global leaderinthe sector, saidtheCM.