One crore MSMEs have registered on the Udyam portal

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The registered MSMEs are reported to employ 7.6 million people, of which 1.7 million are women. MSME Minister set target of two-crore registrations over 16 months.

About one million micro small and medium companies (MSMEs) have been registered for registration on the Udyam portal in a period time of just 25 month, as per Narayan Rane, Minister for Micro, Small and Medium Enterprises, Government of India, Narayan Rane.

In an interview with PTI on the occasion of a press event, the MSME minister stated that he has set a time limit of 16 months for officials to complete two-crore registrations through the Udyam portal which is an online platform to register MSMEs, which was launched through The Union MSME department.

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“In over two years, nearly as much as one crore small and medium-sized enterprises have signed up with Udyam. Udyam site on an voluntary basis . They have announced their employment of 7.6 crore employees out of which 1.7 million females,” an official report said.

The MSME ministry signed MoUs The Ministry of Tourism and the National Small Industries Corporation for the exchange of Udyam information. At this time there was also the launch of the digi locker service for Udyam Registrationwas also introduced.

Minister emphasized the necessity for Udyam registration as well as its significance as an identification for MSMEs to benefit from the advantages of schemes offered by the MSME department and to get the priority sector of lending at banks. He emphasized the contributions made by MSMEs to exports, GDP as well as employment creation.

After the approval of the updated Definition of MSMEs the 26th of June 2020, built on the investment in machinery and plant or equipment and turnover and it was announced that the Udyam registration portal was officially launched on July 1st of 2020.

The new definition was able to do eliminate the distinction between services and manufacturing companies. It is now a fully-integrated portal. Udyam portal is connected with the database of CBDT as well as GSTN. It is completely online and does not require documents and is a step toward a more easy business for small and medium-sized enterprises.

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