The total number of registered enterprises on Udyam and UAP crosses 4 crore, a major milestone for the formalization initiative undertaken by the Ministry of Micro, Small, and Medium Enterprises.
- Press Information Bureau
- March 18, 2024
The Ministry of Micro, Small, and Medium Enterprises (MSMEs) celebrated a significant achievement as the combined Udyam and UAP registers surpassed 4 crore enterprises, marking a pivotal milestone in the formalization drive. Committed to fostering MSME growth, the Ministry adopted a composite definition of investment and turnover, streamlining classification. The launch of the Udyam Registration Portal on July 1, 2020, facilitated seamless registration for PAN holders, integrating investment and turnover data from CBDT and GSTN databases. Subsequently, the introduction of the Udyam Assist Platform on January 11, 2023, catered to enterprises without GSTIN, further advancing the formalization agenda.
Recognizing the importance of formalization, the Government, through Gazette Notification S.O. 1296(E) on March 20, 2023, equated UAP certificates for Informal Micro Enterprises (IMEs) with Udyam Registration Certificates, enabling access to Priority Sector Lending (PSL) benefits. In line with this, the RBI's May 9, 2023, circular categorized IMEs with Udyam Assist Certificates as Micro Enterprises under MSMEs for PSL classification. These initiatives underscore the government's dedication to nurturing a conducive ecosystem for MSMEs, bolstering their economic growth and development role.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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