Over 8.9 Crore Enterprises Registered Under Udyam Platforms, Supporting Formalisation of MSMEs

New Delhi, Jul 14 (KNN) More than 8.9 crore enterprises have been registered under the Udyam Registration Portal and the Udyam Assist Platform, extending formal recognition to micro, small and medium enterprises (MSMEs) and supporting employment for over 38 crore people, according to the Ministry of MSME.

The Ministry said the Udyam Registration Portal provides MSMEs with official recognition through a paperless, self-declaration-based online registration process, while the Udyam Assist Platform enables informal micro enterprises without GST or Income Tax registration to enter the formal economy through authorised partners such as banks and non-banking financial companies (NBFCs).

According to the Ministry, formal registration enables enterprises to access government schemes related to finance, technology upgradation, quality certification, skill development, market access and entrepreneurship development. 

Registered MSMEs are also eligible for institutional credit, public procurement opportunities, support for technology adoption and protection under mechanisms addressing delayed payments.

The Ministry said the Udyam Assist Platform facilitates formal recognition of micro enterprises through verified data submitted by authorised partners, allowing eligible businesses to obtain Udyam Assist Certificates and access government support programmes.

The Ministry added that the initiatives have expanded access to formal recognition among women entrepreneurs, SC/ST-owned enterprises, rural businesses, traditional artisans, first-generation entrepreneurs and youth-led start-ups by simplifying the registration process and improving access to government services.

(KNN Bureau)