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
Previous article
One Nation, One Election