MSME Sector Records 4.77 Crore Registrations on Udyam Platform

New Delhi, Aug 6 (KNN) In a testament to the growing strength of India's Micro, Small, and Medium Enterprises (MSME) sector, recent data reveals significant progress in both registration numbers and export contributions.

As of July 31, 2024, a total of 4.77 crore MSMEs have registered on the Udyam Registration Portal and Udyam Assist Platform, marking a substantial increase in the formalisation of these businesses.

The sector has witnessed remarkable growth, with 2.49 crore MSMEs registering in the fiscal year 2023-24 alone.

The current fiscal year 2024-25 has already seen 63.41 lakh new registrations as of July 31, indicating continued momentum in the sector's expansion.

Launched on July 1, 2020, the Udyam Registration Portal has played a pivotal role in simplifying the registration process for MSMEs, contributing to the surge in formal registrations.

On the export front, MSMEs continue to be a significant contributor to India's overall export figures. Data from the Directorate General of Commercial Intelligence and Statistics (DGCIS) shows that MSME-specified products accounted for 45.73 per cent of total Indian exports in 2023-24, up from 43.59 per cent in 2022-23.

This consistent performance underscores the crucial role of MSMEs in India's export economy.

To further boost export activities, the Ministry of MSME is implementing several initiatives. The International Cooperation (IC) Scheme provides financial assistance to eligible organisations for participating in international exhibitions and organising conferences aimed at technology upgradation and joint ventures.

This support is crucial for MSMEs looking to expand their global footprint and enhance their technological capabilities.

In addition, the Capacity Building of First-Time Exporters (CBFTE) program, launched in June 2022, offers reimbursement for various export-related expenses to new micro and small enterprise exporters.

This initiative aims to reduce the initial barriers faced by MSMEs when entering the export market, encouraging more businesses to explore international opportunities.

Furthermore, the establishment of 60 Export Facilitation Centres (EFCs) across the country is providing vital mentoring and support to MSEs venturing into international markets.

These centres serve as crucial touchpoints for MSMEs seeking guidance on navigating the complexities of global trade.

(KNN Bureau)