BHASKAR; Govt’s new digital platform for startups

Commerce Minister Piyush Goyal launched the Bharat Startup Knowledge Access Registry (BHASKAR), a new digital platform under the Startup India programme. The initiative aims to centralise and enhance connectivity among various stakeholders in the startup ecosystem, including startups, investors, mentors, service providers, and government bodies. The platform is designed to facilitate idea exchange and foster growth across the sector.

During the launch, Mr. Goyal emphasised the platform’s role in increasing the visibility and democratisation of the Indian startup ecosystem. “We are going to make a serious effort so that the Indian startup ecosystem becomes more visible, more democratic, and socialised across India and later across the world,” he stated. Goyal highlighted that BHASKAR would help establish the brand of Startup India and showcase the innovative spirit of Indian entrepreneurs to a global audience.

Centralised registry for startups

India boasts over 146,000 DPIIT-recognized startups, yet challenges remain, including inadequate physical infrastructure, limited access to technological resources, and a lack of incubation centers, mentorship programs, and networking opportunities. This initiative aims to foster connection, collaboration, cooperation, and competition within the startup ecosystem.

The concept for BHASKAR originated six months ago during the kickoff of Start-up Mahakumbh 2024. This platform will act as a centralized registry, supporting entrepreneurs throughout their journey from ideation to execution.

BHASKAR will function as a comprehensive digital registry, encompassing nearly 150,000 startups that have collectively created over 1.5 million jobs. The platform aims to streamline collaboration among stakeholders and address existing challenges in the startup ecosystem. Each participant on the platform will receive a unique BHASKAR ID, facilitating easier interaction and access to resources.

The new platform complements several existing government-operated portals under the Startup India programme. These include the Startup India Investor Connect Portal for capital raising, the National Mentorship Portal (MAARG) for mentorship, the Startup India Hub for stakeholder connections, and the Startup India Showcase for promoting leading startups.

India’s growing startup ecosystem

India, currently the third-largest startup ecosystem globally, saw a notable 42 per cent increase in venture capital funding during the first seven months of 2024. Data from GlobalData reveals that 672 deals raised $6.3 billion, representing 7 per cent of the global VC funding landscape for the period.

Mr. Goyal also expressed aspirations to further elevate India’s startup landscape. “Our aspirations don’t end there. We should be aspiring to go beyond and have our own Silicon Valleys beyond Bengaluru,” he said. He proposed the development of a large township or society for entrepreneurs, startups, and innovators, akin to Silicon Valley in the United States.

The government continues to support startups through registration for enterprises operational for less than ten years, provided they are incorporated as private limited companies, registered partnership firms, or limited liability partnerships, with an annual turnover not exceeding Rs 100 crore.