BHASKAR

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Context:

The BHASKAR Platform was launched by the Department for Promotion of Industry and Internal Trade (DPIIT) to strengthen the Startup ecosystem in India.

About BHASKAR Platform

• The Bharat Startup Knowledge Access Registry (BHASKAR) Platform was launched by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry.
• This initiative is part of the Startup India program.
• It is designed to centralise and facilitate the Startup ecosystem in India.
• It link startups, investors, mentors, and other stakeholders to develop a more cooperative and efficient entrepreneurial environment.

Significance of the initiative

• It is an all-inclusive platform that streamlines startup assistance by merging tools like financial planning, guidance, and legal advice.
• It will allocate each stakeholder a unique BHASKAR ID.
• Its powerful search tools allow quick communication with relevant parties, leading to more effective partnerships and collaborations.
• It would boost India's global innovation profile by promoting cross-border collaboration and enabling Indian startups to connect with international markets and investors.
• It will create jobs and boost economic growth by promoting innovation and entrepreneurship,

About Startup India

The Prime Minister launched the Startup India scheme in 2016 to encourage entrepreneurship, promote innovation, and build a robust startup ecosystem in India.

Objectives

• To turn India into a country of job creators instead of job seekers by encouraging and promoting new entrepreneurs.
• To lower regulatory barriers and offer incentives to start and run a business in India.
• To encourage innovation and develop a supportive environment for entrepreneurs to grow.

Key Features and Benefits

• Startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) could benefit from tax breaks and faster intellectual property (IPR) application processing.
• Recognised startups are eligible for income tax exemption for three years within the first ten years of their existence.
• The Startup India Seed Fund Scheme provides financial support to entrepreneurs through venture capital funds.
• Startups can self-certify compliance with labour and environmental rules to reduce the regulatory load.

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STARTUP INDIA SEED FUND SCHEME

Making India a Start-up Nation

Startup Ecosystem In India

Source:

PIB

Wikipedia

PRACTICE QUESTION Q.Consider the following statements: Statement 1: The angel tax aims to prevent money laundering by overvaluing company shares. Statement 2: Startup investors can distort share prices to inject black money into enterprises. Which one of the following is correct in respect of the above statements? A) Both Statement-1 and Statement-2 are correct and Statement-2 is the correct explanation for Statement-1 B) Both Statement-1 and Statement-2 are correct and Statement-2 is not the correct explanation for Statement-1 C) Statement-1 is correct but Statement-2 is· incorrect D) Statement-1 is incorrect but Statement-2 is correct Answer: B Explanation: The angel tax analyses the value of startup shares to prevent money laundering. If the valuation is considered high or unjustified by the startup's fundamentals, money laundering is possible. However, the angel tax is not only planned to target investors who intentionally distort share prices; it also aims to stop money laundering through startup investments. Both statements are correct, but Statement 2 highlights potential system misuse, while Statement 1 stresses the overall purpose of preventing money laundering through startup financing.