Indian Economy News

Registrations of Informal Micro Enterprises on the Udyam Assist Platform cross 1.50 crore

The Udyam Assist Platform was launched by the Ministry of Micro, Small, and Medium Enterprises on January 11, 2023. It aims to simplify the registration process for Informal Micro Enterprises (IMEs) by providing the Udyam Assist Certificate. The implementation of this initiative falls under the responsibility of SIDBI. IMEs that do not have GSTN can complete their registration on this platform. Within the last 14 months, registrations of IMEs on the Udyam Assist Platform have surpassed 1.50 crore. According to a Gazette Notification dated March 20, 2023, certificates issued to IMEs on the UAP are considered equivalent to Udyam Registration Certificates, enabling them to avail of Priority Sector Lending benefits. Consequently, in line with the RBI's circular dated May 9, 2023, IMEs holding a Udyam Assist Certificate are classified as Micro Enterprises under MSME for PSL classification.

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