MSMEs registrations cross 50-lakh mark on Udyam portal
The maximum businesses registered fall under the bracket of micro enterprises (48,10,768) followed by small (2,75,262) and medium ones (31,823).
Micro, small and medium enterprise (MSME) registrations on the Udyam registration portal crossed the 50-lakh mark yesterday. At present, 51,17, 853 MSMEs are registered on the portal.
The maximum businesses registered come under the bracket of micro-enterprises (48,10,768), followed by small (2,75,262) and medium ones (31,823).
States that are acing the registration numbers include Maharashtra, followed by Gujarat, Uttar Pradesh, Madhya Pradesh, Punjab, Delhi, Kerala, and so on.
The Udyam portal was launched last year by the MSME Ministry amid the COVID-19 pandemic. It came into effect in the month of July. The registration process is fully online, paperless, based on self-declaration, and free of cost. Furthermore, no documents or proof are required to be uploaded for registering an MSME.
India has approximately 6.3 crore MSMEs, according to research platform IBEF. They form the backbone of the Indian economy, contributing about 30 percent to the GDP and employs the second-largest number of people after agriculture.
According to the Indian government, those registered on the Udyam portal can avail numerous benefits and schemes, including collateral-free loans from banks, subsidy on patent registration, overdraft interest rate exemption, access to tenders, concession on electricity bills, and more.
Last year, the Finance Ministry also rolled out a slew of policies under Aatmanirbhar Bharat stimulus package that were aimed at uplifting the small and medium businesses from the ravages of the coronavirus pandemic.
As the MSMEs were recovering from the first wave, the second wave hit the tsunami in 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.
Edited by Kanishk Singh