Udyam Registration: Over 4 crore businesses have registered on Udyam and UAP, marking a significant accomplishment for the Ministry’s formalization drive.

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9 months ago

Udyam Registration

Udyam Registration: On 15^th March 2024, the total number of registered enterprises on Udyam and UAP crossed 4 crores, which is a major milestone for the formalization initiative undertaken by the Ministry of Micro, Small and Medium Enterprises. The Ministry is committed to facilitate the promotion and development of Micro, Small and Medium Enterprises.

Udyam Registration: The Ministry through a notification dated 26^th June 2020 adopted a composite definition of investment in plant and machinery and turnover, introduced for classification of micro, small and medium enterprises. Vide a notification dated 1^st July 2020, a simple, online and free Udyam Registration Portal i.e. Udyam was launched for formalization of enterprises having PAN. The Udyam Registration takes into account the investment in plant and machinery and turnover both. The details of investment in plant and machinery and turnover are captured from the database of CBDT and GSTN.

Subsequently, the Ministry launched Udyam Assist Platform (UAP) on 11^th January 2023 for enterprises not having GSTIN. The Government of India, vide Gazette Notification S.O. 1296(E) dated 20th March 2023 specified that the certificate issued on the UAP to Informal Micro Enterprises (IMEs) shall be treated at par with Udyam Registration Certificate for the purpose of availing Priority Sector Lending (PSL) benefits. Accordingly, RBI vide its circular dated 9^th May 2023 also categorized that the IMEs with an Udyam Assist Certificate shall be treated as Micro Enterprises under MSME for the purposes of PSL classification.

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Source: https://pib.gov.in/