New Delhi, September 18, 2024: While India boasts three dynamic startup hubs in Bengaluru, Delhi, and Mumbai, Commerce Minister Piyush Goyal believes a dedicated township could further propel the country’s entrepreneurial ecosystem.
Inspired by the success of Silicon Valley, Goyal envisions a focused township that would provide startups with access to resources, mentorship, and financial support, fostering innovation, collaboration, and knowledge-sharing.
To facilitate this vision, the minister launched the Bharat Startup Knowledge Access Registry (BHASKAR) under the Startup India program. BHASKAR aims to create a centralized platform for stakeholders such as startups, investors, mentors, service providers, and government agencies, aligning with India’s broader goal of becoming a global innovation hub.
“A dedicated startup township would resemble a society, spread over about 200 acres, to develop an ecosystem that encourages the exchange of ideas,” Goyal said. “It would provide a platform for innovators to connect with the right resources and networks to bring their ideas to life.”
The Union commerce ministry has tasked officials from the Department for Promotion of Industry and Internal Trade (DPIIT) to assess the feasibility and requirements for establishing a dedicated startup township.
Under the Startup India program, the government already operates several digital platforms to support India’s startup ecosystem. These include the Startup India Investor Connect Portal, the National Mentorship Portal, Startup India Hub, and Startup India Showcase. Additionally, the Startup India Seed Fund Scheme provides financial assistance to startups for various stages of development.
Sanjiv, joint secretary, DPIIT, highlighted that BHASKAR will serve as a digital central registry for stakeholders, encompassing nearly 1.5 lakh (150,000) startups. The platform will facilitate searchability, interaction, and knowledge sharing, streamlining collaboration and addressing challenges within the ecosystem.
India’s startup ecosystem has witnessed significant growth, with a 42% increase in venture capital funding between January and July. The country currently ranks third globally in terms of the number of startups, following the US and China.
The government offers startup registration to enterprises that have been operational in India for up to 10 years and meet certain criteria regarding company type and annual turnover.
