One crore MSMEs registered on Udyam portal

The MSMEs registered are said to employ 7.6 crore people, of which 1.7 crore are women. MSME minister sets target of two-crore registrations in 16 months.
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Around one crore micro, small and medium enterprises (MSMEs) have registered on the Udyam portal within a span of 25 months, according to Minister of Micro, Small and Medium Enterprises, Government of India, Narayan Rane.

Speaking to PTI on the sidelines of a press conference, the MSME minister said he has given a deadline of 16 months to officials to achieve two-crore registrations on the Udyam portal, an online system for registering MSMEs, launched by the Union MSME ministry.

"In a span of 25 months, as many as one 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," an official statement said.

The MSME ministry signed MoUs with the Ministry of Tourism and the National Small Industries Corporation for the sharing of Udyam data. On this occasion, the digi locker facility for Udyam registration was also launched.

The minister highlighted the need for Udyam registration and its importance as an identity for MSMEs to avail themselves of the benefits of schemes from the MSME ministry and for priority sector lending in banks. He stressed the contribution made by MSMEs to GDP, exports, and employment generation.

Following the adoption of the revised definition of MSMEs on 26 June, 2020, which is based on investment in plant and machinery or equipment and turnover, the Udyam registration portal was launched on July 1, 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 measure towards ease of doing business for MSMEs.

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