Udyam portal registrations: Whopping! 1 cr MSMEs registered in 25 months

Around 1 crore micro small and medium enterprises have registered on the Udyam portal within a span of 25 months, Union Minister Narayan Rane said on Tuesday.

Speaking to PTI on the sidelines of a press conference, the MSME Minister said he has given a target of 16 months to officials for achieving 2 crore registrations on the Udyam portal .

The minister informed that 1 crore Udyam registrations were achieved in 25 months.

"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," an official statement said.

The MSME ministry signed MoUs with the Ministry of Tourism and the NSIC for the sharing of Udyam data. On the occasion, the Digi Locker facility for Udyam Registration was also launched.

Rane also 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.

He stressed on the contribution made by MSMEs in GDP, exports and employment generation.

Following the adoption of the revised definition of Micro, Small and Medium Enterprises (MSMEs) on 26 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.