MSME-registration platform Udyam crosses 3 crore registration mark; Check details
MSME-registration platform Udyam crosses 3 crore registration mark; Check details
The Udyam registration platform, which is the government’s online registration system for Micro, Small, and Medium Enterprises (MSMEs), has achieved a significant milestone by surpassing 3 crore registrations. This achievement was reached in just three years and four months since the platform’s launch. As of October 27, the Udyam platform records a total of 3 crore registered enterprises. This includes nearly 96.72 lakh non-GST (Goods and Services Tax) small businesses that have registered on the Udyam Assist platform.
Udyam serves as the authorized platform by the MSME Ministry for the registration of micro, small, and medium enterprises with turnovers of up to Rs 250 crore. Among the registered enterprises, the majority are micro-enterprises, accounting for 2.93 crores out of the total 3 crore enterprises on the platform. There are also 5.78 lakh small enterprises and 53,935 medium enterprises registered. These enterprises collectively provide employment to over 14.87 crore people, including 3.37 crore women employees.
This milestone highlights the success and adoption of the Udyam registration platform among MSMEs in India. The platform plays a crucial role in formalizing and supporting these enterprises, which are a significant driver of economic growth and employment in the country. It also reflects the government’s efforts to promote and facilitate the growth of MSMEs by providing them with a streamlined and accessible registration process.
The state-wise registration data for enterprises on the Udyam platform shows that Maharashtra leads the table with over 35 lakh registered enterprises. This indicates a strong presence of MSMEs in Maharashtra and their participation in the formal registration process.
The top five states in terms of Udyam registrations are as follows:
- Maharashtra: Over 35 lakh enterprises
- Tamil Nadu: Approximately 20.5 lakh enterprises
- Uttar Pradesh: About 19.13 lakh enterprises
- Gujarat: Around 14.87 lakh enterprises
- Rajasthan: Approximately 14.84 lakh enterprises
These figures demonstrate the significant participation of MSMEs in these states in the Udyam registration process. It reflects the diversity and strength of the MSME sector across various regions of India and highlights the importance of formal registration for these enterprises. It’s also an indicator of the efforts made by these states to promote and support the growth of MSMEs within their jurisdictions.
The data on the Udyam platform indicates that out of the 2.03 crore MSMEs registered with GST, there are 53.41 lakh manufacturing units and 1.49 crore service providers. These figures highlight the diverse nature of MSMEs in India, with a significant number engaged in both manufacturing and service-related activities.
Additionally, it’s noteworthy that 1.92 lakh MSMEs among these registered entities are engaged in export activities. These exporting enterprises have collectively exported goods and services valued at over Rs 15 lakh crore. This demonstrates the global reach and contribution of Indian MSMEs to the country’s exports and trade. Exporting MSMEs play a crucial role in promoting economic growth and enhancing India’s presence in the international market.
The registration on Udyam and obtaining a certificate is indeed mandatory for Micro, Small, and Medium Enterprises (MSMEs) in order to avail of the benefits provided by the central government under various schemes for MSMEs. This move is aimed at formalizing and providing recognition to MSMEs, making it easier for them to access government support, financial assistance, and other incentives.
Furthermore, the Reserve Bank of India (RBI) has instructed all financial institutions, including banks and Non-Banking Financial Companies (NBFCs), to consider informal micro enterprises (IMEs) that are not covered under the Goods and Services Tax (GST) regime or are exempted from the Central Goods and Services Tax (CGST) Act, 2017. These IMEs, if they possess the Udyam Assist Certificate (UAC), are to be classified as micro-enterprises for the purpose of priority sector lending (PSL) norms.
This directive from the RBI ensures that even those small enterprises that may not be part of the formal tax structure but have obtained Udyam registration can access priority sector lending benefits from financial institutions. It encourages financial support and credit availability for a broader segment of the MSME sector, thereby promoting inclusive growth and financial inclusion for smaller businesses.
Overall, the Udyam registration and the recognition of Udyam Assist Certificate play a crucial role in bringing more MSMEs into the formal economic fold and facilitating their access to financial services and government support schemes.
