Udyam: Govt’s Post-Covid MSME Registration Portal Nears Whopping 2-Crore Mark

Udyam: Govt’s Post-Covid MSME Registration Portal Nears Whopping 2-Crore Mark

Udyam- The registration portal of MSME registration of MSME ministry has more than 2 crore enterprises registered on it. The growth has been significant after the launch of the portal on July 1st 2020. The portal has also marked the reclassification of enterprises and MSMEs after the lockdown and covid pandemic.

The portal had its first 50 lakh registrations in the first 15 months of Udyam's launch. The next 50 lakh registration of enterprises were recorded in the next 11 months, followed by 1 crore registration in August last year. The time frame for further registrations becomes even less. The subsequent 50 lakh registrations were completed in the next 7 months only. The next 2 crore registrations are expected to complete in the next 4-5 months in a few weeks.

The increase in registrations of enterprises as well as MSMEs on the Udyam portal is due to various factors. Udyam is one of the most effective programs that is launched by the MSME ministry following the period of covid.

Various units in the MSME ministry is composed of 6.3 crore units within the country among which 99 percent of units are micro, as stated in the 43 round of the National Sample Survey during 2015-16. 1.96 crore businesses as well as entrepreneurs registered themselves on the Udyam portal as of June 4th.

30.9 lakh units among these businesses were micro units that were brought through the Udyam Assist Platform (UAP). The data of the Udyam portal states that 1.89 crore units belong to micro-enterprises, 52,220 to medium enterprises, and 5.49 lakh to small enterprises.

Udyam Assist Platform (UAP) was launched this year by the ministry. The main motive behind this launch was to bring informal micro-enterprises to the informal fold. This is because these enterprises are connected to digital transactions but are not registered by GST. For registration on the Udyam portal; banks share the required information of informal micro-enterprise customers concerning UAP; which completed registration after seeking validation.

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