DPIIT to launch BHASKAR Initiative

Last updated on September 16th, 2024 Posted on September 16, 2024 by NEXT IAS Current Affairs Team 1575

Syllabus: GS3/ Economy

In News

The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry, is set to launch the Bharat Startup Knowledge Access Registry (BHASKAR).

About

This digital platform is a part of the Startup India program and aims to strengthen India’s startup ecosystem by centralizing resources and enhancing collaboration among startups, investors, mentors, service providers, and government bodies.
To be recognized as a startup under the Startup India initiative, the entity must be a private limited company, LLP, or partnership firm that is less than 10 years old, with an annual turnover not exceeding ₹100 crore.

Key highlights of BHASKAR

Centralized platform: A one-stop hub for stakeholders to access resources, tools, and knowledge, helping entrepreneurs from ideation to execution.
Networking and collaboration: The platform will facilitate seamless interaction and partnerships within the ecosystem.
Personalized IDs: Each stakeholder will receive a unique BHASKAR ID, enhancing discoverability and tailored experiences.
Global recognition: The initiative will boost India’s reputation as a hub for innovation and encourage cross-border collaborations.

Significance

BHASKAR will help unlock the potential of India’s startup ecosystem, fostering innovation, entrepreneurship, and job creation. This initiative aligns with the government’s vision of making India a global leader in innovation and economic growth.

India’ Startup Ecosystem

India is the third-largest startup hub globally after the U.S. and China and it has over 1,46,000 recognized startups.
The Department for Promotion of Industry and Internal Trade (DPIIT) recognizes a business as a startup.
The adoption of cutting-edge technologies like artificial intelligence (AI), blockchain, and data analytics is helping drive this innovation.

Government Initiatives for Boosting Startups

The Startup India initiative, launched in 2016, plays a crucial role in promoting startups by providing benefits like tax exemptions, simplified regulations, and access to funding through Fund of Funds for Startups (FFS).
Other initiatives like Atal Innovation Mission (AIM) by NITI Aayog and Make in India Initiative.

Source: PIB

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