Ease of Doing Business for MSMEs: The government’s MSMEs online registration and certification platform, Udyam, has achieved a significant milestone with two crores of MSME registrations. MSME Minister Narayan Rane shared this accomplishment on Twitter.
The tweet read, “In less than 3 years, the Udyam portal crossed the figure of more than 2 crore MSME registrations (including the Udyam Assist platform).
The success of the Udyam Portal launched by respected Prime Minister Shri @narendramodi ji is a strong step towards ‘Entrepreneurial India’. Congratulations to all the MSMEs on this achievement!”
Udyam was launched on July 1, 2020, by the Ministry of MSME as the only platform authorised by the government for MSME registration. To date, the portal has registered 2.01 crore MSMEs, including 1.94 crore micro, 5.54 lakh small and approximately 52,000 medium enterprises. These numbers include the 30.93 lakh MSMEs registered on the Udyam Assist Portal, according to the Udyam portal.
Launched in January this year, the Udyam Assist Platform was launched to bring informal micro enterprises (IMEs) under the formal sector by enabling the registration of enterprises that do not have or do not require GST registration.
Upon achieving this milestone, Saket Dalmia, President, PHD Chamber of Commerce and Industry, said “It’s a great development towards the formalisation of MSMEs. It will provide the government with authentic data about the MSME sector regarding their nature of operations, their sectoral segregation and contribution to the economy, while also boosting revenue collections through GST and direct taxes.”
Also read: Over 6,000 MSMEs registered on Udyam portal shut during FY22: MSME Ministry
Registration on Udyam provides a formal status to the MSMEs, making them eligible for benefits under Priority Sector lending and other MSME schemes such as Credit Guarantee Scheme for Micro and Small Enterprises (CGTMSE), MSME SAMADHAAN (for delayed payments) amongst others.
It is worth noting that since the launch of the Udyam portal on July 1, 2020, till January 30, 2023, 6,222 crore MSMEs have shut down business during the financial year 2021-22. This data was shared by the Minister of State for MSMEs Bhanu Pratap Singh Verma in a written reply to a question in the Lok Sabha, in February this year.