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DPIIT to launch BHASKAR Initiative

Last updated on September 16th, 2024 Posted on September 16, 2024 by NEXT IAS Current Affairs Team  1096

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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