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Bharat Startup Knowledge Access Registry (BHASKAR)
Context:
During the launch of the Bharat Startup Knowledge Access Registry (BHASKAR) initiative under the ‘Startup India’ program, the Union Minister of Commerce & Industry delivered a keynote address.
Startup India Program
The Startup India program is a flagship initiative launched by the Government of India on January 16, 2016 to build a strong ecosystem for nurturing innovation and startups in the country.
The key objectives of the program are:
- Simplification and Handholding for startups through self-certification, compliance regime, Startup India Hub, legal support, and faster exits.
- Funding support and Incentives through a Fund of Funds with a corpus of ₹10,000 crore, credit guarantee fund, and tax exemptions.
- Industry-Academia Partnership and Incubation by organising startup fests, launching Atal Innovation Mission, setting up research parks, and innovation programs for students.
Eligibility and Benefits:
- To be eligible for DPIIT recognition under the Startup India program, a company must be incorporated within the last 10 years and have an annual turnover less than ₹100 crore in any of the previous financial years.
- Recognised startups can avail various benefits such as: Reduced cost and time for patent filing, Income tax exemption for 3 out of the first 10 years, Relaxed public procurement norms, easier compliance requirements under labour and environment laws and Learning and Development.
Startup India Programs: Startup India Seed Fund Scheme, MAARG mentorship platform, and Startup India Showcase.
More on News
- The Department for Promotion of Industry and Internal Trade (DPIIT), through its flagship ‘Startup India’ program, organised the event to support India’s rapidly growing startup ecosystem.
- With over 1.4 lakh DPIIT-recognised startups as of August 2024, BHASKAR aims to address the fragmentation of resources and unify stakeholders, incubators, and policymakers under one platform.
- BHASKAR aspires to become the world’s largest digital registry for the startup ecosystem, streamlining access and collaboration for stakeholders globally.
Key features of BHASKAR include:
- Industry Alliances: Facilitating cross-sector collaboration by bringing together stakeholders from various industries and regions.
- Dynamic Networking: Enabling easy connections and collaborations through personalised dashboards and peer-to-peer networking.
- Enhanced Visibility: Allowing startups to enhance their visibility with profile cards across the ecosystem.
- Personalised Identification Number: Offering a unique BHASKAR ID linked to a personalised dashboard for accessing services and connecting with others.