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Piyush Goyal launches Bharat Startup Knowledge Access Registry

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Kirtika Suneja

, ETtechLast Updated: Sep 16, 2024, 07:28:00 PM IST

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Through this platform, all the key stakeholders within the entrepreneurial ecosystem, including startups, investors, mentors, service providers, and government bodies can interact with each other to promote the sector's growth.

Union Minister of Commerce and Industry Piyush Goyal

Commerce and industry minister Piyush Goyal Monday said that a decision has been taken to set up a not-for-profit company under Section 8 of the Companies Act to include all initiatives and bodies of Startup India under one roof.

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Goyal said that the company can be industry-led, similar to Invest India, which can manage its own affairs.

At present, Startup India is housed in Invest India, the country’s national body to promote investments.

“We will support it as a catalyst so that policy-wise, it is on the right track. It will have an independent board and organisation structure and we would do a little oversight” Goyal said, adding that the National Startup Advisory Council can also be a part of it.

The Startup India initiative was launched by the Department for Promotion of Industry and Internal Trade (DPIIT) in 2016 to support entrepreneurs and build a robust startup ecosystem.

“I have taken a decision just a few days back…Please finalise starting a section 8 company so that the national startup advisory council also comes within the new startup company,” Goyal said, adding that Startup India has become a powerful ecosystem by itself that it should have a house of its own.

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He added that SIDBI can also be actively involved in this company and that the startups own and manage it professionally.

“How do we recognise our unicorns? Why not have a system where we will be issuing shares also in that Section 8 company to everybody who became a unicorn. We have to find ways to encourage people to support that,” he added.

“And then, that company can start owning these assets of technology also, that way it will be nimble, and industry lead ... .so you can rightfully see that trade secrets are not let out,” Goyal said.

BHASKAR rise

The minister launched the Bharat Startup Knowledge Access Registry (BHASKAR), a digital platform aimed at India’s startup ecosystem, that would serve as a central hub where startups, investors, service providers, and government bodies can come together to collaborate, exchange ideas, and accelerate growth,
help the start-up players connect, collaborate and compete with each other.

BHASKAR, a programme under StartUp India will bring everyone together. It will be a LinkedIn, X, Facebook, said DPIIT Secretary Amardeep Singh Bhatia.

“This platform will bring everyone together,” Bhatia said, adding that it will be like a social media platform for start-ups.

With over 1.4 lakh DPIIT-recognised startups as of August 2024, India has established itself as one of the largest and most vibrant startup ecosystems globally.