BHASKAR is a One Stop Shop for Start-Up Ecosystem: Union Minister Piyush Goyal

With an aim to provide a more democratic platform and level playing field for all the start-ups across the country, the Department of Promotion of Industry and Internal Trade (DPIIT) has launched a digital platform, Bharat Startup Knowledge Access Registry (BHASKAR). Union Commerce Minister Piyush Goyal launched the start-up registry.

Speaking at the launch event, Goyal said, “Let’s make this a one stop shop for all data dissemination, for engagement, for interactions, people who are looking for mentors and finance. It will be a one stop shop for the entire start-up ecosystem with simple, easy to use links, easy to navigate technology.”

Currently, India has 1,17,254 start-ups registered as on December 31, 2023, according to the data compiled by DPIIT. These recognised start-ups are reported to have created over 12.42 lakh direct jobs. As of October 3, 2023, India is home to 111 unicorns with a total valuation of $349.67bn.

“Many of our unicorns or start-ups are really ripe to become world players. In every single sector, there is tremendous opportunity,” added Goyal. The aim of Bhaskar is to help the start-up players, people who are involved in the start-up ecosystem, connect with each other, collaborate with each other, co-operate with each other and also compete with each other.

Goyal also pointed out that the start-ups based out of Tier-II and Tier-III cities in India are often devoid of the adequate knowledge and the exposure needed to flourish. The whole idea behind the launch of BHASKAR is also to ensure that these start-ups get the required mentorship and the finances through this platform, thereby making the start-up ecosystem more democratised.

“Our start-ups anywhere in the country, be it in tier 2 or tier 3 cities, they should not feel left behind, when it comes to knowledge. The knowledge that is available to somebody in Mumbai and Gurgaon or Hyderabad, should be available to somebody in Dibrugarh, Balmer or Benaras,” said Goyal.

He also suggested the participants set up a Section 8 company to bring the National Startup Advisory Council (NSAC) within the ambit of the new start-up company. The Minister also shared that handing out shares of the new company to recognise and encourage unicorns would empower the entrepreneurs.

“We are going to make serious efforts so that the start up ecosystem become more visible, become more democratic and more socialised across the country and going forward across the world. Bhaskar will help us create the brand, that start-up India should be now. It will help the world recognise the innovative and inquisitiveness of Indian minds, who are coming up with new ideas,” said Goyal.