The Ministry of MSME celebrated the landmark of 1 crore registrations on its Udyam Portal. Following the adoption of the revised definition of Micro, Small and Medium Enterprises (MSMEs) on 26th June, 2020, which is based on investment in plant & machinery or equipment; and turnover, the Udyam Registration Portal was launched on 1st July, 2020.
The revised definition did away with the distinction between manufacturing and services enterprises. The Udyam Portal is linked to the databases of CBDT and GSTN. It is fully online, does not require any documentation, and is a step towards Ease of Doing Business for MSMEs.
Union Minister for MSME Narayan Rane and MoS Bhanu Pratap Singh Verma highlighted the need for Udyam registrations and underscored its utility as an identity for MSMEs to avail benefits of schemes for Ministry of MSME and for Priority Sector Lending of banks. Shri Rane also stressed on the contribution made by MSMEs in GDP, exports and employment generation.
In a span of 25 months, as many as 1 crore MSMEs have registered on the Udyam portal on a voluntary basis and declared that they employ 7.6 crore people, of which 1.7 crore are women.
The Ministry of MSME signed MoUs with Ministry of Tourism and NSIC for sharing of Udyam data. On the occasion, the Digi Locker facility for Udyam Registration was also launched.