New Delhi, July 14 (IANS): Around 9 crore micro, small and medium enterprises (MSMEs) have been registered under the government's Udyam Registration Portal and Udyam Assist Platform, providing employment to over 38 crore people across the country, according to an official statement on Tuesday.
The two digital platforms have been launched to formalise enterprises, expand access to government support and strengthen the country's MSME ecosystem, according to a statement from the Ministry of Micro, Small & Medium Enterprises (MSME).
Udyam Registration provides MSMEs with an official identity through a paperless, self-declaration-based and free online registration process.
Meanwhile, the Udyam Assist complements the initiative by enabling informal micro-enterprises, including those not covered under the Goods and Services Tax (GST) or Income Tax systems to obtain formal recognition through authorised partners such as banks, non-banking financial companies (NBFCs) and other lending institutions.
According to the government, the platform allows eligible enterprises to receive 'Udyam Assist Certificate', making them eligible for various government initiatives aimed at supporting micro enterprises.
The ministry said Udyam registration enables MSMEs to access government schemes related to finance, technology upgradation, quality certification, skill development, market access and entrepreneurship promotion.
Moreover, registered enterprises can also avail easier access to institutional credit, protection against delayed payments, participation in government procurement, and support for quality improvement, digitalisation and productivity enhancement.
The ministry said the initiatives are also helping expand financial inclusion by bringing more informal enterprises into the formal economy.
It added that the platforms are supporting women entrepreneurs, SC/ST entrepreneurs, rural enterprises, traditional artisans, first-generation entrepreneurs and youth-led startups by simplifying the registration process and improving access to government support.
According to the ministry, the combined impact of the Udyam Registration Portal and Udyam Assist Platform is helping strengthen entrepreneurship, formalise MSMEs and contribute to the country's long-term economic development goals.
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This report was published from a syndicated wire feed. Apart from the headline, the EdexLive Desk has not edited the copy.