New Delhi, Mar 16 (KNN) The Udyam portal has achieved a significant milestone, surpassing 4 crore Micro, Small and Medium Enterprises (MSME) registrations, showcasing rapid growth in the sector, on Friday. 

Launched on July 1, 2020, the portal has seen over 4 crore (4,00,42,875) MSMEs registered with the MSME Ministry, comprising 3.93 crore micro enterprises, 6.08 lakh small enterprises, and 55,488 medium-sized enterprises.

This remarkable achievement includes 1.56 crore registrations via the Udyam Assist Platform (UAP), introduced in January last year. The UAP aims to formalise units exempted from Goods and Service Tax (GST) and facilitate access to priority sector lending.

The 4-crore milestone was reached within approximately five months from the previous 3 crore registrations recorded until October last year, and within less than three years since the portal's inception, showcasing accelerated growth.

In terms of employment, the 4 crore units have reported 17.94 crore jobs, including 1.87 crore in units registered via UAP. 

The registration process considers investment in plant and machinery and turnover to classify enterprises into micro, small, and medium segments, utilizing data from the Central Board of Direct Taxes and GST network.

In terms of employment, the 4 crore units had reported 17.94 crore jobs including 1.87 crore in units registered via UAP. 

The registration process considers investment in plant and machinery and turnover to classify enterprises into micro, small, and medium segments, utilising data from the Central Board of Direct Taxes and GST network.

However, despite this growth, a few Udyam-registered units have ceased operations post-Covid. 

According to data shared by Minister of State in the MSME Ministry Bhanu Pratap Singh Verma, as of February 5, 2024, 35,680 MSMEs have closed since the portal's launch on July 1, 2020. 

Out of these closures, 13,290 units shut in the financial year 2022-23, while FY22 and FY21 witnessed the closure of 6,222 and 175 MSMEs, respectively. In the current financial year, as of February 5, 15,993 MSMEs have ceased operations. 

However, the total count of MSMEs shut represents only 0.08 per cent of the total registrations on the Udyam portal, indicating overall resilience and growth in the sector.

(KNN Bureau)