Centre to Launch BHASKAR: A Game-Changer for India’s Startup Ecosystem

India is set to take another giant leap in fostering its thriving startup ecosystem with the launch of BHASKAR (Bharat Startup Knowledge Access Registry), an interactive online platform designed to support Prime Minister Narendra Modi’s vision of converting youth-driven ideas into successful businesses. Slated for launch on Monday by Union Commerce and Industry Minister Piyush Goyal, BHASKAR is poised to boost India’s position as the world’s third-largest startup ecosystem.

The platform will not only streamline processes for entrepreneurs but will also centralize resources, making it easier for startups to access the support they need from investors, mentors, service providers, and regulatory bodies. With this new initiative, the government aims to continue the momentum of India's startup movement, which began in earnest with the Startup India initiative launched in 2016.

What is BHASKAR and How Will It Work?

BHASKAR, or the Bharat Startup Knowledge Access Registry, is a digital platform that will serve as the world’s largest digital registry for stakeholders in the entrepreneurial ecosystem. This includes startups, investors, mentors, regulatory bodies, and service providers, facilitating seamless collaboration across sectors. Every stakeholder will receive a personalized BHASKAR ID, enabling efficient and personalized interaction and collaboration.

The platform’s central features include: 

• Networking and Collaboration: BHASKAR will bridge gaps between startups, investors, and other key players, enabling smooth interaction and resource sharing across sectors.

• Search and Discovery: The platform will offer powerful search functionalities, making it easy for users to locate resources, collaborators, and funding opportunities, allowing startups to scale more efficiently.

• Centralized Resources: Startups will have immediate access to critical tools, expert knowledge, and regulatory guidelines, helping them make quicker and better decisions.

The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry, will be the nodal agency for this initiative, ensuring it aligns with the government's vision to transform India into a global leader in innovation and entrepreneurship.
BHASKAR’s Role in the Indian Startup Ecosystem

The launch of BHASKAR comes at a crucial time when India's startup ecosystem is rapidly growing. India is home to over 1.46 lakh DPIIT-registered startups, and these startups have created employment for over 1 million youth. The country now boasts more than 110 unicorns, and Indian startups have filed approximately 12,000 patents, underscoring the growing role of innovation in the economy.

Speaking at the Startup Mahakumbh in March 2023, Prime Minister Modi emphasized how startups have changed the mindset of young Indians, who now see entrepreneurship as a viable career path, often opting to become job creators rather than job seekers. He also highlighted the low-cost entry points for starting a business, which were previously considered a major barrier.

Before the Startup India initiative was launched in 2016, the presence of startups in India was negligible. Today, the country ranks third in the world in terms of startup numbers, following the United States and China.

Key Features and Benefits of BHASKAR

BHASKAR aims to further accelerate the growth of India's startup ecosystem by offering the following benefits:

• Streamlined Communication: The platform will enable easier communication between various stakeholders, including government agencies, investors, and startups, eliminating time-consuming processes that often hinder collaboration.

• Access to a Global Network: By promoting India's global reputation as a hub for innovation, BHASKAR will facilitate cross-border collaborations, enabling Indian startups to work with international partners and investors. This will not only broaden the scope for funding but also enhance the innovation pipeline.

• Tailored Experiences: Each user will have access to resources and opportunities tailored to their specific needs, thanks to the personalized BHASKAR ID. This feature ensures that startups can efficiently identify and seize relevant opportunities for growth.

• Enhancing Decision-Making: By providing a centralized pool of knowledge and real-time updates, BHASKAR will support quicker decision-making processes for startups, enabling them to adapt to market demands more effectively.

Government Support for Startups: A Timeline

India’s focus on creating a thriving startup ecosystem began with Prime Minister Narendra Modi’s Independence Day speech in August 2015, where he spoke about promoting entrepreneurship at the grassroots level through the Startup India and Standup India campaigns. Startup India, launched in January 2016, has since led to various initiatives that support the development of startups across the country.

The Standup India scheme, aimed at providing easy loans to underprivileged groups such as women and marginalized communities, complemented these efforts by offering financial support to those wanting to establish their own businesses. This has empowered previously underrepresented groups to participate in India's burgeoning entrepreneurial landscape.

The Future of India’s Startup Ecosystem with BHASKAR

As India’s startup ecosystem continues to grow, platforms like BHASKAR will play an increasingly crucial role in shaping the future of entrepreneurship in the country. The government’s commitment to supporting startups is evident, and with initiatives like BHASKAR, the process of building and scaling a startup will become more efficient, transparent, and globally competitive.

With more than 1.25 lakh startups already established and 12 lakh youth directly engaged in these ventures, the future of India’s startup landscape looks promising. BHASKAR will not only provide a much-needed infrastructure for collaboration and resource access but will also contribute to making India a leader in global innovation and entrepreneurship.

As India's third-largest startup ecosystem grows, BHASKAR will be at the forefront, ensuring that entrepreneurs have the tools, resources, and connections they need to succeed. The platform's launch marks a significant step toward realizing Prime Minister Modi's vision of a nation driven by innovation, with youth at the helm of economic growth and development.

Conclusion

The launch of BHASKAR underscores the government’s dedication to fostering a culture of entrepreneurship in India. As more startups continue to emerge, driven by the ambition and creativity of young Indians, platforms like BHASKAR will provide the necessary infrastructure to support their growth. Whether through facilitating global partnerships or offering personalized resources, BHASKAR is set to revolutionize the way startups operate, helping them overcome challenges and create innovative solutions for a better future.

India's startup journey is only just beginning, and with BHASKAR, the country is poised to cement its place as a global leader in entrepreneurship.

References

• Ministry of Commerce and Industry: Press Release

• Startup India Official Website: www.startupindia.gov.in

• DPIIT Data on Startups: www.dpiit.gov.in

• Prime Minister Modi’s Speech at Startup Mahakumbh: Transcript