Over 37 lakh informal micro-enterprises have registered on the Udyam Assist Platform in seven months
- IBEF
- August 10, 2023
As of August 3, 2023, 35 lakh units had registered on the government's new Udyam Assist Platform (UAP), which was introduced in January this year and enables informal micro businesses (IMEs) that are not registered under the Goods and Services Tax (GST) to obtain the Udyam registration certificate. Mr. Bhanu Pratap Singh Verma, Minister of State for MSME, provided the information. In the seven months since its introduction, UAP had recorded 36.96 lakh IMEs at the time this report was filed.
In order to bring informal micro-enterprises inside the formal ambit for availing benefits under priority sector lending, the government launched the Udyam Assist Platform under the MSME formalisation programme on January 11, 2023, according to Mr. Bhanu Pratap Singh Verma.
According to the MSME ministry, the platform was introduced with the inclusion of 8 lakh unofficial informal companies as formal units. These 8 lakh units are among the beneficiaries of the government's scheme for street vendors PM SVANidhi scheme. To formalise street vendors, the programme offers a working capital credit without collateral of up to Rs. 10,000 (US$ 1.20 billion).
Importantly, the MSMEs ministry made Aadhaar identification for such enterprises voluntary in May of this year in an effort to increase IME registration.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
