HomeLegal Advice3 Crore and Counting: Udyam's Journey Empowering MSMEs

3 Crore and Counting: Udyam’s Journey Empowering MSMEs

In a significant achievement, the Udyam registration platform for Micro, Small, and Medium Enterprises (MSMEs) has exceeded 3 crore registrations within three years and four months of its launch, as confirmed by Udyam’s official data. As of October 27, the platform proudly boasts 3 crore registered enterprises, with 96.72 lakh non-GST small businesses enrolled through Udyam Assist.

Udyam, authorised by the MSME Ministry, is the sole platform for registering MSMEs with a turnover of up to ₹250 crore. Among the registered enterprises, micro-enterprises make up the majority, totaling 2.93 crores out of the 3 crore. The platform also hosts 5.78 lakh small enterprises and 53,935 medium enterprises, collectively providing employment to over 14.87 crore individuals, including 3.37 crore women.

Maharashtra leads in state-wise registrations with over 35 lakh enterprises, closely followed by Tamil Nadu (20.5 lakh), Uttar Pradesh (19.13 lakh), Gujarat (14.87 lakh), and Rajasthan (14.84 lakh) in the top five states for registrations.

Out of the 2.03 crore GST-registered MSMEs on the Udyam platform, 53.41 lakh are in the manufacturing sector, while 1.49 crore are service providers. Remarkably, 1.92 lakh MSMEs are engaged in exports, collectively contributing goods and services worth over Rs 15 lakh crore to the global market.

It’s mandatory for MSMEs to register on Udyam and obtain a certificate to access the benefits offered by the central government through various MSME schemes. Additionally, the Reserve Bank of India (RBI) has directed financial institutions, including banks and NBFCs, to classify informal micro enterprises with the Udyam Assist Certificate (UAC) under the priority sector lending (PSL) norms, providing a significant boost to this vital sector.

Our legal experts at Vakilsearch applaud the Udyam registration platform’s monumental achievement in crossing the 3 crore milestone. MSMEs are the backbone of our economy, and this registration platform empowers them to access crucial government support and financial assistance. It’s vital for businesses to leverage this opportunity for growth and stability.

The Udyam registration platform’s remarkable success in surpassing 3 crore registrations underlines its importance in empowering MSMEs across India. This milestone showcases the resilience and potential of our small and medium enterprises. Vakilsearch stands ready to provide comprehensive legal support and services to businesses seeking to navigate the ever-evolving landscape of MSME regulations and compliance.

Akash G Varadaraj