On the Udyam platform, over 66 lakh MSMEs have registered, with 95% of them being micro companies
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02 February 2022, Mumbai:
Micro companies have shown considerable interest in the government's Udyam Registration Portal for online business registration for micro, small, and medium firms, demonstrating their importance in the industry.
According to the Press Trust of India, finance minister Nirmala Sitharaman stated in parliament on Monday during the tabling of the 2021-2022 Economic Survey that as of January 17, 66.3 lakh firms have registered on the Udyam platform. Micro companies account for 62.8 lakh of these, or 96.4 percent, according to Sitharaman.
The Udyam site is one of several initiatives the government is launching to help the MSME sector, which it regards as having significant potential to contribute to the country's overall economic growth.
In July of last year, the Union Government introduced the Udyam Registration Portal with the goal of improving the ease of doing business for MSMEs by making registration faster and easier.
The platform's overwhelming registration of micro firms over medium enterprises matches the MSME sector's overall makeup, which is mostly made up of micro-businesses. Retail and wholesale enterprises are among those that can register online using the portal.
The Economic Survey stated, "The registration process under this is totally online, digital, paperless, and based on self-declaration." "There is no documentation or proof necessary to register as a micro, small, or medium business."
For registration, Aadhaar and PAN are required, and information on investment and turnover of businesses is automatically gathered from appropriate government databases."
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