StartupTalky

Tag: BHASKAR

  • Over 73K Startups in India Now Have a Female Director: Government

    The Ministry of Commerce & Industry said on 25 December that over 73,000 Indian enterprises had at least one female director, as certified under the Startup India initiative. In a statement, the ministry emphasised that this amounts to almost half of the 157,066 businesses that the government has funded, highlighting the critical role that women play in fostering innovation and economic expansion. India is now the third-largest startup hub in the world and boasts one of the most thriving startup ecosystems.

    The Indian startup scene is influencing the direction of innovation and entrepreneurship with more than 100 unicorns. Over the past ten years, there has been a paradigm shift in India’s entrepreneurial mentality. Innovation hubs have emerged in cities like Bengaluru, Hyderabad, Mumbai, and Delhi-NCR.The expansion of startups in a variety of industries, such as fintech, edtech, healthtech, and e-commerce, has been spurred by the broad availability of reasonably priced internet and a youthful and vibrant workforce.

    Indian Startup Ecosystem Report

    Startup India’s “Indian Startup Ecosystem Report” claims that Indian startups have used cutting-edge technologies like blockchain, IoT, and artificial intelligence (AI) to solve regional and worldwide problems.With the help of incubators, accelerators, and strong mentorship networks, this innovative culture has created a special ecosystem that links innovative solutions with problems at the local level.The Indian government has launched a number of programs to encourage and foster entrepreneurship in recognition of the revolutionary potential of startups.

    The foundation of this endeavour has been the flagship Startup India program, which was introduced in 2016. The Department for Promotion of Industry and Internal Trade (DPIIT) has recognised 157,066 startups as of December 25, 2024, and 759,303 people have registered on the portal.Through sector-specific laws, tax breaks, capital assistance, ease of doing business, and the Bharat Startup Knowledge Access Registry (BHASKAR) platform, the government has started aggressive initiatives to help the startup ecosystem.

    Other Initiatives Backing Startup Culture

    Infrastructure and funding are made available to innovators through programs like the National Initiative for Developing and Harnessing Innovations (NIDHI) and the Atal Innovation Mission (AIM). With an investment of INR 99 crore, the Startup Accelerator of MeitY for Product Innovation, Development, and Growth (SAMRIDH) program was introduced in 2021 with the goal of assisting 300 software product startups over the course of four years. The program offers accelerators up to INR 40 lakh in funding per startup to help them grow their businesses.

    The ministry praised the achievements of cutting-edge businesses like BYJU’S, Zomato, Ola, and Nykaa, pointing out that these startups have grown internationally and demonstrated India’s capacity to grow and compete on a global scale.”India’s global influence is further demonstrated by the success of Indian-origin startups in Silicon Valley,” the ministry continued. Indian startups are increasingly exploring foreign markets and collaborating with multinational corporations, according to the Startup India International Guide. According to the government, comparable ideas around the world are being inspired by India’s leadership in providing inexpensive technology solutions, such as Aadhaar-enabled services and UPI.

    The Ministry of Commerce & Industry also discovered that India’s unicorns are outperforming their international counterparts in terms of valuation growth, demonstrating the stability and scalability of the ecosystem’s basis.

    FRAI Urges Government to Empower Kirana Stores with Technology
    FRAI urges the government to provide advanced technology platforms for Kirana stores, enabling them to compete effectively with quick commerce (Qcom) companies.
    StartupTalkyNitin Konde

  • In Bengaluru, DPIIT-Recognised Startups Have Generated More Than 1.63 Lakh Jobs

    On December 17, the government told the Parliament that more than 1.63 lakh direct jobs had been created in Bengaluru by more than 13,000 startups approved by the Department for Promotion of Industry and Internal Trade (DPIIT). In response to a question in the Lok Sabha, Jitin Prasada, the Minister of State for Commerce and Industry, revealed the information. The minister stated, “As of October 31, 2024, the DPIIT has identified 13,649 entities as startups in the Bengaluru district (Rural and Urban), which have reportedly created over 163,345 direct jobs.”

    He went on to say that the following significant government programmes have provided financial support to these startups: SISFS, or Startup India Seed Fund Scheme: 281 businesses have received approval of INR 63.99 Cr under SISFS to boost their early-stage development. Through SEBI-registered alternative investment funds, the Fund of Funds for firms (FFS), which is overseen by SIDBI, has enabled investments of INR 6,470.8 Cr into 346 firms. Launched as a pilot program in April 2023, the Credit Guarantee Scheme for businesses (CGSS) has given 24 businesses in the Bengaluru urban district INR 49.24 Cr in loans without collateral.

    Tax Exemptions to Further Strengthen Startups Growth

    The Income Tax Act’s tax concessions have also helped Bengaluru entrepreneurs. 1,601 businesses obtained exemptions under Section 56(2)(viib), and 348 companies obtained certificates of eligibility under Section 80-IAC. In order to encourage innovation and entrepreneurship in India, the government started the “Startup India” initiative in 2016 and offers financial assistance, tax breaks, and streamlined procedures to new companies.

    Bharat Startup Knowledge Access Registry

    In order to support the expansion of the Indian startup ecosystem, the government most recently introduced the Bharat Startup Knowledge Access Registry (BHASKAR), a digital platform for startups. The platform, which was created internally by the DPIIT as part of the “Startup India” initiative, is intended to help companies, investors, mentors, tech enablers, government agencies, and other important players in the Indian startup scene work together. The Centre just launched its second startup registry, BHASKAR. The Bharat Startup Ecosystem Registry was piloted by the Ministry of Commerce in February. The register was established to exhibit innovation, technology, and entrepreneurship by uniting all the players in the startup ecosystem.

    About DPIIT

    Established in 1995, the Department for Promotion of Industry and Internal Trade amalgamated with the Department of Industrial Development in 2000. It operates under the auspices of the Indian government’s Ministry of Commerce and Industry. This department is in charge of creating and carrying out developmental and promotional strategies to support the expansion of the industrial sector while taking into account the socioeconomic goals and national priorities.

    DPIIT and Flipkart Join Hands to Boost Indian Startups
    DPIIT and Flipkart sign an MOU to support and invest in Indian startups, fostering innovation and growth in the country’s entrepreneurial ecosystem.
    StartupTalkyNitin Konde

  • DPIIT to Introduce BHASKAR, a Ground-Breaking Platform for India’s Startup Community

    The Department for Promotion of Industry and Internal Trade (DPIIT), which is part of the Ministry of Commerce and Industry, is planning to establish a revolutionary digital platform to enhance India’s startup ecosystem. The Bharat Startup Knowledge Access Registry (BHASKAR) initiative is a platform that is designed to centralize, streamline, and enhance collaboration among key stakeholders within the entrepreneurial ecosystem. These stakeholders include startups, investors, mentors, service providers, and government bodies. The BHASKAR initiative is part of the Startup India program.

    The Government of India has a mission to convert India into a global leader in innovation and entrepreneurship. This effort matches that ambition, and it reinforces the country’s commitment to the startup movement.

    Calling this initiative a master stroke, Shreya Sharma, Founder, Rest The Case stated, “The launch of BHASKAR is a very innovative step to fuel the Startup Ecosystem further. As of now, India globally ranks as the 3rd largest ecosystem for startups. The sector has seen significant growth since COVID-19, and the wind hasn’t dropped yet!”

    “India is home to almost 100+ unicorns, which in itself is proof of the rising popularity of Startups! However, red-tapism remains a challenge, and along with that, the easy-to-business also needs improvement. With the launch of BHASKAR, there is a chance for entrepreneurs to find easy guidance on a single platform. They will no longer have to go through the painstaking process of ‘trying to find the right thing’. The launch of such a platform, backed by the Government, is a promise that I feel all startups and budding entrepreneurs can look up to for growth and innovation” she added.

    Similar thoughts were shared by Tanay Sharma, COO & Co- Founder CITTA, “I see the launch of the BHASKAR platform by DPIIT as a game-changer for the Indian startup ecosystem, especially in B2C sectors like ours. The beauty and wellness industry, particularly in baby care, requires constant innovation, research, and consumer-centric solutions. BHASKAR, with its focus on fostering collaboration, access to mentorship, and streamlined processes for startups, aligns perfectly with our growth objectives.”

    “In the long term, BHASKAR is poised to empower startups by providing access to critical resources, mentorship, and funding, enabling us to scale faster and more efficiently. We are excited about the opportunities this platform creates, allowing us to grow while staying true to our core values of delivering safe, pure, and trusted solutions to our consumers,” he opined further.

    Boosting Creativity with a Centralised Hub

    India has swiftly become one of the most dynamic startup centres in the world. It is home to more than 1,46,000 companies that have been recognised by the DPIIT institution. Through the provision of an all-encompassing, one-stop digital platform that addresses the issues that are encountered by both investors and entrepreneurs, BHASKAR intends to capitalise on this potential. Through its role as a centralised register, BHASKAR will make it possible to gain unhindered access to a vast assortment of resources, tools, and information that will assist in fostering the entrepreneurial journey from the stage of ideation to the stage of execution.

    Within the context of the startup ecosystem, BHASKAR is intended to cultivate an atmosphere that is conducive to the development of growth, networking, and collaboration. The platform will make it easier for stakeholders to connect with one another, improve search ability, and make it possible to uncover relevant opportunities and collaborations in a more efficient manner. This will be accomplished by offering personalised BHASKAR IDs to participants.

    Product Highlights of BHASKAR

    The creation of the largest digital register in the world for stakeholders within the startup ecosystem is the primary objective of the BHASKAR project. Several major elements will be offered by the platform in order to accomplish this goal.

    The BHASKAR platform would facilitate smooth engagement between entrepreneurs, investors, mentors, and other stakeholders, hence facilitating networking and collaboration. This will allow for seamless interaction across different industries.

    By unifying resources, the platform will give entrepreneurs with quick access to crucial tools and expertise, hence enabling faster decision-making and more efficient scaling. This will be accomplished by providing centralised access to resources.

    The process of creating personalised identification will involve assigning a one-of-a-kind BHASKAR ID to each and every stakeholder. This will ensure that interactions and experiences throughout the platform are personalised and suited to the individual.

    Users are able to readily identify relevant resources, collaborators, and opportunities by utilising strong search options, which ensures that decisions and actions are made more quickly.

    BHASKAR will act as a vehicle for boosting India’s global reputation as a powerhouse for innovation, thereby making cross-border partnerships more accessible to both investors and startups. This will further India’s efforts to support its global brand.

    Promoting the Growth of India’s Startup Community

    In the continued efforts of the government to encourage innovation, business ownership, and the creation of new jobs, the introduction of BHASKAR represents a significant step forward. In order to facilitate collaboration, the sharing of ideas, and the acceleration of growth, it will function as a central hub where government organisations, investors, service providers, and startups can all come together.

    Through the facilitation of easy access to knowledge and resources, BHASKAR will assist in unlocking the full potential of India’s startup ecosystem, hence boosting the country’s rise as a global leader in the field of entrepreneurship. The platform will play a crucial role in the development of an economy that is more economically robust, inclusive, and innovation-driven, thereby setting the groundwork for a successful future. The Government of India extends an invitation to all relevant parties to participate in this endeavour that would bring about transformation.

    The Indian Government Is Encouraging Pharmaceutical Startups by Forming Relevant Policies and Initiatives
    The Startup India Initiative was initiated on January 16, 2016, to promote innovation and encourage investments across various businesses, including the pharmaceutical sector.
    StartupTalkyNitin Konde