BHASKAR INITIATIVE - ECONOMY

BHASKAR INITIATIVE - ECONOMY

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).

 

What’s in the news?

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.

 Pros

  • Comprehensive Support: A one-stop-shop for support of young businesses. 
  • Access to Funding: Providing funding chances to the new startups. 
  • Mentorship and Guidance: Bringing the perspectives of the experienced business owners and professionals. 
  • Networking Opportunities: Co-ordinating stakeholders of a particular startup. 

 

Cons 

  • Dependence on Funding: Dependence on fawning from the investors and government funding. 
  • Competition: High rivalry for the capital among the startups and other forms of assistance. 
  • Scalability: A number of difficulties with regard to expanding the scale of their operations due to increasing client load. 

 

Challenges 

  • Sustaining Growth: Adapting escalation and growth against all odds in a volatile environment. 
  • Addressing Regional Disparities: Promoting equity and fairness in distribution of assets and services countrywide across the region of India. 
  • Fostering Innovation: Supporting creativity when it comes to the development of innovative solutions among the startups. 

 Way Forward 

BHASKAR is changing the IA perspective by offering one-stop solutions for all startups’ needs in India. To further amplify its impact:

·         Expand Funding Opportunities: Expand the funding avenues available to the startup firms.

·         Enhance Mentorship Programs: As directed by the profession of ultrasound practice and the personnel in the program, offer improved targeted professional mentoring and support.

·         Strengthen Networking: Building better relations between the startups, investors and the experts in the field.

·         Address Regional Disparities: Come up with specific programs to assist the first-time entrepreneurs in the areas that lack financing opportunities.

·         Foster Innovation: Promote changes and creativity through competitions, innovation camps, or innovation competitions.

Mitigating these challenges while capitalising on the opportunities mentioned, BHASKAR can help fuel India’s startup revolution in terms of economic growth, innovations and entrepreneurship.

Source: https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2055427