As many as five million Micro, Small and Medium Enterprises (MSMEs) have registered on the Udyam portal and the industry should promote registrations on the portal, a senior government official said on Wednesday.
The objective of the portal is to provide a single-page registration, consume less time and simplify processes of registering any enterprise as a MSME.
MSME Secretary B B Swain said that timely availability, accessibility and affordability of credit and technological know-how are important prerequisites for any MSME and especially the micro enterprises to thrive, grow and expand.
He was speaking at the MSME Tech-Fin Mobility Summit organised by the Confederation of Indian Industry (CII).
While informing about completion of 5 million MSMEs registering on the portal, he also urged the industry to promote Udyam registration amongst MSMEs as it has highly authentic data that may also be leveraged towards designing robust policy intervention.
The Udyam portal was operationalised last year.
The ministry has expressed hope that this new registration process will boost the ‘Ease of Doing Business’ and reduce transaction time and costs. The ministry has also clarified that except the portal, no other private online or offline system, service, agency or person is authorised to do MSME registrations.