Commerce and Industry Minister Piyush Goyal to Launch BHASKAR Initiative for Startups

Commerce and Industry Minister Piyush Goyal will launch the Bharat Startup Knowledge Access Registry (BHASKAR), a new platform designed to support startups, investors, and other key players in India’s entrepreneurial ecosystem. This initiative aims to create the world’s largest digital registry for the startup community.

Features of BHASKSAR

BHASKAR will act as a central hub where startups, investors, service providers, and government bodies can connect, share ideas, and work together to promote growth. The platform will provide features like networking, centralized access to resources, personalized identification, and enhanced discoverability. This will help startups make quicker decisions and scale their operations more efficiently.

Each user will receive a unique BHASKAR ID, allowing for personalized interactions and easier access to relevant information and opportunities. By improving access to critical tools and knowledge, BHASKAR will support India’s goal of becoming a global leader in entrepreneurship and enhance its reputation as an innovation hub.

With over 146,000 government-recognized startups, India is rapidly becoming a major player in the global startup scene. BHASKAR aims to address the challenges faced by entrepreneurs and investors by offering a comprehensive, one-stop digital platform that simplifies their journey from idea to execution. The government invites all stakeholders to join this initiative, which promises to transform and strengthen India’s startup landscape.

Plans for a new tech hub

In addition to BHASKAR, Minister Goyal has proposed creating a new tech and startup hub, potentially on a 500-acre area. This initiative, led by the National Industrial Corridor Development Corporation (NICDC), aims to develop a concentrated area that supports startups and entrepreneurs, particularly those without existing connections. Goyal suggested that this new “Silicon Valley” could offer incubators and a supportive ecosystem for innovators from remote areas.

To further support startups, Goyal also proposed creating a nonprofit entity similar to Invest India to consolidate initiatives related to startups.

Strengthening the startup ecosystem

With over 1.4 lakh DPIIT-recognized startups as of August 2024, India has established itself as a major player in the global startup scene. However, the rapid growth has led to fragmented resources and stakeholders. To address this, the government has launched the BHASKAR portal, which will enhance coordination among incubators, policymakers, and other key players in the startup ecosystem.

The BHASKAR initiative and the proposed new tech hub aim to strengthen India’s startup landscape and provide a more connected and efficient environment for innovation and entrepreneurship.

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