Center Government to launch BHASKAR to strengthen India’s startup ecosystem 

BHASKAR is an interactive online platform to boost Indian startups. Piyush Goyal, the Minister of Union Commerce and Industry announced the launch of this new program. The platform plans to improve the startup ecosystem and achieve Prime Minister Narendra Modi’s vision of youth converting ideas into business. The Department for the Promotion of Industry and Internal Trade in the Ministry of Commerce and Industry has recognized over 1,40,803 entities as startups. BHASKAR is another initiative taken by the government to boost startups and create more job opportunities

The center launched these schemes to provide startups with financial assistance, mentorship programs, exemption from tax, and infrastructure support. A government spokesperson told Hindustan Times that BHASKAR offers an online platform to centralize, streamline, and enhance collaboration between key stakeholders within the entrepreneurial ecosystem including mentors, investors, service providers, startups, and regulatory bodies. These programs are launched to help startups survive in the competitive environment while scaling up their operations. The platform will help everyone regardless of whether a new entrepreneur is ready to take a first step in this industry or an established startup aiming to scale.

The government is focused on boosting the startup and generating more job creators than job seekers. India now has over 1.64 lakh official startups with over 1 million youths working under them. The initiative aligns with the vision of the government to transform India and make it a global leader in startups and innovation. Earlier this year, the investment firm Pantomath Capital Management also launched a Bharat Value Fund to capitalize on the huge demographic opportunities in the mid-market sector presented by the Indian economy. The fund was focused on helping the companies scale their business while enabling them to achieve their market expansion plans.

Under the BHASKAR scheme, each stakeholder will get a unique BHASKAR ID to enable the platform to facilitate easier interaction, improve searching capability, and allow efficient discovery of relevant partners, hence creating more opportunities. The platform was launched to develop the world’s largest digital registry platform for stakeholders within the startup ecosystem. BHASKAR will provide several features including networking and collaboration. This will reduce the gap between startups, stakeholders, and other investors. The application will provide startups with important information and immediate access to critical tools enabling the startup to make fast decisions and scale efficiently. 

The platform will provide users with a personalized feed for interactions and experiences. With powerful search features to filter and locate relevant resources, opportunities, and collaborators easily, this increases the efficiency of startups. BHASKAR is expected to work as a promoter for India’s global reputation as a hub for innovative ideas and for making cross-border collaborations easily accessible between investors and startups. The online platform will redefine the Indian startup landscape while introducing a more efficient, connected, and collaborative environment for investments and collaboration. 

BHASKAR connects these players in the startup ecosystem together:  Government Bodies, Service providers, Mentors, Investors, startups, and stakeholders. The platform aims to boost and strengthen their partnerships with smoother interactions. Prime Minister, Narendra Modi spoke about promoting India’s entrepreneurship through Startup India programs to create more job opportunities in the country.

He mentioned that while the presence of startups in India was negative in 2014, today India is the third largest ecosystem with 1.25 lakh startups providing jobs to over 12 lakh youths. India has over 110 unicorns at the present with 112 soonicorns. 

DPIIT introduced various schemes to transform and create a seamless environment for Indian startups. Previously, the center also launched the Startup India program to boost innovation and entrepreneurship in India. This Startup India scheme aims to provide tax benefits to Indian entrepreneurs for over five years and create around 5.5 lakh job opportunities for youths in India.

This government startup scheme provided startups with access to funds and mentorship. The Department for Promotion of Industry and Internal Trade has taken various initiatives, and projects to grow the Indian Startup Ecosystem. Following this the government launched BHASKAR intending to expand the Indian startup ecosystem using the centralized digital platform.

The Indian startup ecosystem is predicted to grow in the next few years that’s why the government has been launching different programs to strengthen the startups. The government recently launched a scheme to digitalize and enable all businesses to join Open Network for Digital Commerce and online product selling.

The initiative is taken to help these small enterprises reduce the overall expenses and low commissions in the online marketplace while joining the digital India movement. The subsidiary of NADARD, NABVENTURES also launched an agri fund with an initial corpus of Rs 750 crore to help Indian agriculture startups scale their operations and improve production capability. The fund aims to enhance the agri-produce value chains by enabling the startups to grow in size and create new rural ecosystem linkages & infrastructure.

The program is launched to boost the number of startups and help them launch, scale, and succeed in the competitive market. BHASKAR will help startups unlock their full potential by providing them access to personalized resources and networking opportunities. With the launch of this platform, India’s startup ecosystem will increase rapidly. This application is another step towards creating a supportive environment for startups by ensuring they have the required resources and tools for success. BHASKAR will play an important role in shaping India’s economy and job availability in the future. The platform aims to make it easier to start and scale new businesses.

Conclusion :

The Indian Government announced the launch of a digital platform BHASKAR to strengthen the country’s startup ecosystem. The platform uses advanced technologies to offer personalized feeds and powerful search features to help startups filter relevant partners and collaborators. These schemes plan to support and empower entrepreneurs in running their businesses without any challenges. The startup ecosystem in India is predicted to increase in the next few years this is why the government is trying to launch various new schemes and the investment firms are also making huge investments in the startups to get profit.

The platform is designed to help both new entrepreneurs and established startups overcome challenges and scale their operations in the competitive market. The application provides smoother interactions and collaboration between stakeholders. The government intends to provide financial assistance to the startups generate more job opportunities for youths in India and improve the Indian economy. BHASKAR will provide startups with access to important tools, resources, and networking opportunities.