Maharashtra is India’s most industrialized state and has maintained the leading position in the industrial sector, with the major stock exchanges, capital market and commodity exchanges. With its large pool of opportunities in diverse sectors, the state lures the young and the aspirational from across the country, who further add to its unique blend of cultural heritage.
1. The state gives many incentives for backward regions ranging from power tariff subsidy to tax refunds for MSMEs. It invests up to INR 5 lakh crore with employment generation for 20 lakh people.
2. District Industries Centres implement:
- Prime Minister’s Employment Generation Programme (PMEGP): 90% loan for general group and 95% for special group will be available from public sector banks, Regional rural banks, IDBI. In urban areas, 15% margin money subsidy for general group and 25% for special group will be available through KVIC. In rural areas, the margin money subsidy will be 25% to 35% respectively.
- Seed Money Scheme: Seed Money assistance at 15 per cent of the project cost approved by financial institutions is offered. In case of projects costing up to Rs. 10 lakhs, the quantum of assistance ranges upto 15 per cent for General category and 20% for SC/ST and OBC/NT/VT/Handicapped upto 20 per cent.
- District Industries Centre Loan Scheme: 20 % of the total investment or Rs. 40000/- whichever is less in case of entrepreneur belonging to general category and in case of entrepreneur belonging to scheduled caste & scheduled tribe, assistance upto 30 % of total fixed capital investment or upto maximum of Rs. 60000/- whichever is less is provided.
3. National Equity Fund: National Bank or State finance Corporation implements this scheme. There is no condition of age or education under this scheme. Loan granted for industrial or service oriented business purpose. It is expected that the candidate should contribute minimum 105 of the cost of the project. 15% of the project cost is granted by the bank towards capital @ 10% equity fund as loan.75% of project cost is granted by the bank in the form of loan.
4. 10000 Start-Ups(NASSCOM): 10,000 Start-ups aims to enable incubation, funding and support for 10,000 technology start-ups in India over the next ten years.
5. Bank of Maharashtra Loan scheme for Professionals & Self-Employment: to purchase equipment/ repairs/renovation to existing equipment, purchase of tools, working capital requirements, acquiring/repairing business premises, loan is provided Depending upon the assessed requirement considering financial viability, repayment capacity etc.
6. Directorate of skill development & entrepreneurship, Govt. of Maharashtra: provides information of License, No Objection Certificates and Permits required for starting the New Business. All Business and Trades are controlled & monitored by contemporary Laws & Rules.
Maharashtra Centre for Entrepreneurship Development (MCED):
– An autonomous body under the Department of Industries, which has 8 different offices across the state.
– It offers entrepreneurship training programs and other scheduled sessions focused on banking, agritech, food processing and others across different districts throughout the year.
– Among other incentives offered are exemptions from stamp duty on the purchase of land, partial reimbursement of equipment purchased for power and water conservation, rebate on expenditure on energy and water audit.
– IIT-Bombay e-cell is one of the largest business incubators of the country set up in an educational institute.
– Federation of Indian Young Entrepreneurs:
- A private organisation that is a division of India International Trade Centre (IITC India)
- Supports young entrepreneurs to promote their business nationally and internationally, while concentrating on skill development, grooming and incubation process to provide useful information and organise activities to guide them in different aspects of business development and management.
– Nurture Talent Academy: A training venture for aspiring and existing entrepreneurs, students and professionals.
– Maharashtra Self-Employment training Board: MSTB is continually providing professional, agriculture; technical as well as self-employment based training in various fields to educated unemployed, farmers, mahila bachat gat, students etc. from all walks of life.
In Summary – Maharashtra and Entrepreneurship:
As an economy that is driven by national and international trade, Maharashtra offers an established network of Government, semi-Government and non-Government bodies to provide aid to existing as well as prospective entrepreneurs. It is now up to the youth of the state to utilize this institutional support and help the state to make its mark in the entrepreneurship scene.
To know more about how Maharashtra is building a vibrant entrepreneurship ecosystem, click here.
Data Sources for Maharashtra:
Note: Policy details provided here are for the purpose of information only. Please verify the latest information from the relevant Government or MSME website of the state. Other data and information is curated from various websites and public documents. In case you have any corrections, additions, or suggestions, please share the same with us, and we’ll be happy to incorporate them here.