The central government announced the creation of a revolutionary digital platform to improve the nation’s startup ecosystem. BHASKAR, the ‘Bharat Startup Knowledge Access Registry’ project, is an endeavour under the Startup India program and was launched by the DPIIT (Department for Promotion of Industry and Internal Trade), Ministry of Commerce and Industry, on September 16, 2024.
All the stakeholders in the entrepreneurial ecosystem—startups, investors, mentors, service providers, and more—can join forces on this platform, which should simplify their work for them. In its statement to the media, the Ministry of Commerce and Industry described this initiative as a measure that aspired to help India leapfrog competition to become a global leader in creativity and entrepreneurship. The initiative testified to the country’s sincerity toward the startup movement.
More than 1,40,803 startups have been recognised by DPIIT in India. To make the most of this opportunity, BHASKAR is developing an all-inclusive digital platform that will help investors and businesses overcome common obstacles. The government maintains that BHASKAR would facilitate the whole entrepreneurial process—from the brainstorming stage to the implementation stage—by acting as a central register that provides easy access to a treasure house of information.
How did the BHASKAR Launch Go?
Piyush Goyal, the Minister of Commerce and Industry, inaugurated BHASKAR. Regulatory agencies, service providers, mentors, investors, and entrepreneurs are all vital parts of the entrepreneurial ecosystem, and BHASKAR is an interactive web platform that will bring them all together.
During his speech, Goyal urged company owners and other interested parties to help establish India as a leading startup destination worldwide. He believes Bhaskar will facilitate startup collaboration, competition, and connection. The Minister said that this platform would serve as a springboard for an ambitious transformation in this field, bringing optimism, ambition, and success.
Along with BHASKAR’s current leadership, Amardeep Singh Bhatia, secretary of the DPIIT, has called on the public to share their thoughts and suggestions to fortify the platform and propel the startup revolution in the nation.
BHASKAR and its Working
BHASKAR would be a critical digital registry of all stakeholders in the entrepreneurial ecosystem, abridging the Bharat Startup Knowledge Access Registry. This system ensures frictionless cross-sector cooperation and comprises startups, investors, mentors, regulatory agencies, and service providers. We can use a unique BHASKAR ID for easy communication and teaming.
The Goals of BHASKAR
The vision is to build the most significant digital register of entrepreneurs, investors, mentors, and other important players in the entrepreneurial ecosystem; BHASKAR is an ambitious platform. Its purpose is to make the entrepreneurial experience, from inspiration to execution, smoother. It aims to centralise information, increase cooperation, and achieve this.
Benefits and Key Features of BHASKAR
With these benefits, BHASKAR is optimistic to expedite the development of the startup ecosystem of India:
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Improvements in Communication
The platform will enable easy and fast communication among various government agencies, investors, and entrepreneurs, eliminating many of the challenges of collaboration today.
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Access to a Global Network
In doing this, BHASKAR will create an opportunity for international collaborations by bringing together Indian companies with investors and partners while augmenting the innovation pipeline and pool of potential funders.
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Genuinely Personalised Experience
With the unique BHASKAR ID, every user will be provided with opportunities and resources tailored to his/her needs. This feature makes it easy for new businesses to locate promising expansion possibilities and take advantage of them.
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Quality of Decisions
BHASKAR will help startups respond better to market changes due to a centralised pool of information with real-time updates to speed up decisions.
Enhancing the Indian Startup Ecosystem
BHASKAR is a giant leap forward that the Indian government has taken to foster innovation, entrepreneurship, and new job creation. It will be a hub where entrepreneurs, investors, and government agencies network around ideas related to company growth. Through BHASKAR, information and resources will become accessible to the startup community, and India will be transformed into a potential world leader in entrepreneurship. The BHASKAR platform harbours long-term ambitions to foster a strong, inclusive, and innovation-driven economy. The government is opening this revolutionising venture to welcome startups and investors. After BHASKAR, the place will experience considerable improvement in connectivity and cooperation in India’s startup scenario.
Abbreviations Used
BHASKAR
Bharat Startup Knowledge Access Registry, abbreviated as BHASKAR, is a brand-new hub that connects Indian entrepreneurs with partners, resources, and other resources.
DPIIT
The DPIIT, or Department for Industry and Internal Trade, is a government agency that promotes economic development as an arm of the Indian government.
Ministry of Commerce and Industry
The Indian government’s Ministry of Commerce and Industry focuses on promoting the interests of commerce, industry, and trade. Supporting policy and lawmaking that fosters environments conducive to economic development could help here.
Startup Ecosystem
A startup ecosystem includes the institutions and people who have massed their support for new companies. This definition includes entrepreneurs, investors, mentors, and governing entities.
Investors
Investors can be defined as institutions that pump money into a newly established business in exchange for a share of the company’s prospective gains. They lend money to the entrepreneur, who can then grow.
Mentors
Mentors are experienced persons who guide new companies by offering support and advice. In helping emerging companies, mentors share their knowledge, expertise, and experiences.
Government Bodies
Some parts of the executive branch of the government make rules and ensure they are followed. They also help new businesses by giving them access to tools and assistance.
Innovation
Innovation means coming up with new ideas, products, or ways of doing things. New companies need to think outside the box to do well.
Entrepreneurship
Entrepreneurship is about taking over a current business and making it into something new. An entrepreneur is someone who starts a new business and runs it.
