The Union MSME Ministry’s growing Digital MSME registration cross 50 lakh mark on Udyam portal, which went live on July 1, 2020, has proven to be an achievement, with more than 50 lakh MSMEs having effectively got MSME Registration. Around 47 lakh micro organizations and 2.7 lakh small units are among them. This article shall explore the latest update as MSME Registration crosses the 50-lakh mark. We shall also discuss the MSME Registration Benefits.
What is MSME Registration?
The MSME Ministry established the Udyam platform the previous year in the wake of the COVID-19 outbreak. The registration process is entirely digital or online, self-declaration-based. You can apply for the same at – MSME Registration Online
Features of Udyam Registration Portal
With effect from July 1, 2020, the Ministry of MSME has updated the concept of MSMEs and the registration procedure. It also established https://udyamregistration.gov.in, a fresh webpage for MSME/Udyam registration. Considering that, the site has run without a hitch. This portal is the first of its kind to be flawlessly connected with the CBDT and GST networks, as well as the GeM. It should be emphasized that, as a result of this cooperation, MSME registration has now become completely electronic.
The portal’s goal is to aid and support individual and smaller units’ growth by resolving their difficulties and complaints.
MSME Registration Cross The 50-Lakh Mark On The Udyam Portal in 2020-21
Per the analytical network IBEF, India has roughly 6.3 crore MSMEs. They are the mainstay of the Indian economy, accounting for over 30% of GDP and employing the second-highest number of participants behind farming.
The previous year, the Finance Ministry announced a host of initiatives as part of the Atma Nirbhar Bharat infrastructure plan to help small and medium companies recover from the effects of the coronavirus outbreak.
The registration of micro, small and medium enterprises (MSME) on the Udyam registration portal yesterday crossed the 50 lakh mark. The highest listed companies are in the range of micro-enterprises (48,10,768), followed by small (2,75,262) and medium enterprises (31,823). There are unlimited benefits of getting MSME Registration. The most important ones are as follows.
- Low-Interest Rate on Loans
- Government fee Relaxation for Trademark Registration
- Several Credit Support Schemes
- Tender Quota Reserved for MSMEs
- Easy Loan in 59 Minutes.
You can read more about these benefits and others in detail at – 5 Key Benefits of Udyog Aadhaar MSME Registration
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