Udyam portal helps MSMEs in ease of doing business
The Hindu
As of January 17, 2022, the portal received more than 66 lakh enterprises
The new registration process initiated by the Centre, via the Udyam portal, to promote and nurture Micro, Small and Medium Enterprises (MSMEs) has boosted the ease of doing business for the sector, while also lowering transaction time and costs, according to the Economic Survey 2021-22. As of January 17, 2022, the portal saw registration by more than 66 lakh enterprises, of which 63 lakh were from micro enterprises, three lakh from small enterprises, and 34,355 from medium enterprises respectively.
Recently, the retail and wholesale trades were included in the MSME category and were allowed to be registered on the portal to enable the firms to avail of loans under priority sector lending. Street vendors can also register as retail traders on the portal and can avail themselves of the benefit of priority sector lending, the Survey said.
The Government had introduced the Udayam Registration Portal in July 2020. The registration process is fully online, digital, paperless and is based on self-declaration. No documents or proof are required to be uploaded for registering as an MSME. However, Aadhaar and PAN details are required for registration.
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