Udyam portal: Amid Covid, Modi govt sees over 11 lakh MSME registrations; this many jobs created

By: |
November 7, 2020 2:04 PM

Technology for MSMEs: Out of the registered units on the Udyam portal, micro-enterprises had a maximum share of 93.17 per cent while small and medium units had only 5.62 per cent and 1.21 per cent shares respectively.

7.98 lakh enterprises were owned by male entrepreneurs while only 1.73 lakh units were led by female entrepreneurs.

Technology for MSMEs: The Modi government’s new portal for MSME registration, which was launched amid Covid on July 1, 2020, along with the revised MSME definition, has seen over 11 lakh registrations so far, MSME Ministry said on Saturday. The government has also asked its field establishments including National Small Industries Corporation, Khadi and Village Industries Commission, MSME-Development Institutes, Technology Centers, and Coir Board to help entrepreneurs register units on the portal and expedite the process for registration. The portal is integrated with the CBDT and GST networks along with the public procurement portal Government e-Marketplace to make end-to-end MSME registration paperless.

“New online system of MSME/Udyam Registration launched by Union MSME Ministry with effect from 1st July 2020, has stood the test of Time & Technology,” the ministry said. Out of over 10 lakh registrations recorded on the portal till October 31, 2020, 3.72 lakh businesses were registered under the Manufacturing category while 6.31 lakh units were registered under the Service sector. Moreover, the share of micro-enterprises was maximum at 93.17 per cent while only 5.62 per cent were small and 1.21 per cent were medium businesses respectively, according to the data shared by the ministry on Saturday.

Also read: India-China conflict and its ripple effect on MSME exports: A once-in-a-lifetime opportunity

While 7.98 lakh enterprises were owned by male entrepreneurs, only 1.73 lakh units were led by female entrepreneurs. Divyangjan (differently-abled) entrepreneurs owned 11,188 enterprises that were registered on the portal after July 1, 2020. Overall, employment generated by the registered MSMEs stood at 1,01,03,512. In terms of industries leading in registrations with maximum MSMEs were food products, textile, apparel, fabricated metal products, and machinery & equipments. Maharashtra, Tamil Nadu, Rajasthan, Uttar Pradesh, and Gujarat were the top five states in Udyam registrations.

The Reserve Bank of India has issued a circular in August this year for clarity on the registration of existing units under Entrepreneurs Memorandum (EM) part II and/or Udyog Aadhaar Memorandum (UAM). RBI had said that existing EMs part II and/or UAMs of MSMEs obtained before June 30, 2020, will continue to remain valid till March 31, 2021. According to the MSME ministry, MSMEs had asked for clarity on whether existing registrations would remain valid after the government’s June 26, 2020 notification on the classification of MSMEs as per the new definition and specification of the form and procedure for registration with effect from July 1, 2020. The circular had also noted that MSMEs already registered under EM part II and UAM must file for a new registration on the portal before the existing registration expires.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1SoftBank’s Manoj Kohli: E-commerce, education, healthcare, and fintech to transform faster post Covid
2Vocal for Local: Reliance Retail doubles down on local handicrafts; engages with this many artisans
3Photonics startup LightSpeedAI Labs secures funding from YourNest, growX; to invest in building MVP