Commerce Minister Piyush Goyal on Monday launched a new digital platform Bharat Startup Knowledge Access Registry (BHASKAR) under the Startup India programme. The initiative aims to be a centralized platform for different stakeholders of the startup ecosystem including startups, investors, mentors, service providers, and government bodies to connect, exchange ideas and grow.
Speaking on the launch of the portal, Piyush Goyal said, “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 as Bhaskar would be available for the world to see. It will help us create the brand that startup India should be now and the world to recognize the inquisitiveness of Indian minds.”
As a digital central registry of stakeholders involving nearly 1.5 lakh startups, which have reported creating more than 15 lakh jobs, the platform will focus on streamlining collaboration to address existing challenges in the ecosystem and promote entrepreneurship and job creation.
Each member on the platform will have a unique BHASKAR ID assigned to use the platform.
Under the Startup India programme, the government already operates multiple portals for startups including Startup India Investor Connect Portal for capital raising, National Mentorship Portal (MAARG) for mentorship, Startup India Hub for all stakeholders to connect with each other, Startup India Showcase that exhibits leading startups handpicked through various DPIIT and Startup India programmes.
India, currently the third largest startup ecosystem in the world in terms of the number of startups after the US and China, saw a significant 42 per cent surge in VC funding during the January-July 2024 period with a total of 672 deals raising $6.3 billion in comparison to the year-ago period, according to the data by the analytics company GlobalData.
This was 7 per cent and 4.3 per cent of the global VC funding landscape during the period.
“We are the third largest startup ecosystem but our aspirations don’t end there. We should be aspiring to go beyond and have our own Silicon Vallies beyond Bengaluru,” said Goyal. The minister also suggested setting up a 200-500 acre township or a society for entrepreneurs, startups, and innovators on the lines of Silicon Valley in the US.
The government provides startup registration to enterprises which have been operational in India for not over 10 years and incorporated as a private limited company or a registered partnership firm or a limited liability partnership. Moreover, the annual turnover should not exceed Rs 100 crore for any of the financial years since its incorporation.
