MSME registration portal crosses 30-lakh mark almost a year after launch
The number of micro, small, and medium enterprises (MSMEs) registered on the Udyam Registration portal crossed the 30 lakh-mark according to the MSME ministry portal. There are around 30.3 lakh MSMEs registered on the portal as on May 17.
This included enterprises from both the manufacturing, as well as the services sector (which occupies the larger portion). The top five industries under which the small and medium businesses are registered include food products, textile, apparel, fabricated metal products, and machine and equipment.
According to the annual report released by the ministry for the year for 2020-2021, micro MSMEs constitute the vast majority of the enterprises (93 percent) followed by small (6 percent). Only one percent of the enterprises registered on Udyam are medium-sized.
The maximum number of registrations are from Maharashtra followed by Gujarat, Uttar Pradesh, Madhya Pradesh, Punjab, Delhi, Kerala, and so on.
However, it is important to note that the actual number of MSMEs registered on the portal is very less as compared to the total number of enterprises the country houses. India has approximately 6.3 crore MSMEs, according to research platform IBEF.
The Udyam portal was launched last year by the ministry amid the COVID-19 pandemic. It came into effect in the month of July. The Indian government also rolled out a slew of policies under Aatmanirbhar Bharat stimulus package that were aimed at uplifting the micro, small and medium enterprises (MSMEs) sector from the ravages of the coronavirus pandemic.
One of the changes that managed to grab attention apart from the Rs 3 lakh-crore collateral-free loan was the revision in the definition of MSMEs.
As the MSMEs were recovering from the first wave, the second wave hit the tsunami is April this year, once again bringing the whole sector to a standstill. According to a survey conducted by Care Ratings, as many as 84 percent of respondents in a survey said the deadly second wave of COVID-19 has escalated business uncertainty.