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The Ministry of Micro, Small and Medium Enterprises (MSME) on Tuesday said the Udyam Registration Portal and the Udyam Assist Platform are bringing more businesses into the formal economy by improving access to government schemes and institutional finance and strengthening India's MSME ecosystem by making support more inclusive for entrepreneurs across the country.
The ministry said the two digital initiatives are playing a key role in formalising enterprises while helping small businesses gain easier access to credit, technology support, market opportunities and government procurement programmes. According to the ministry, the Udyam Registration Portal provides MSMEs with an official identity through a simple, paperless, self-declaration-based and free online registration process. The Udyam Assist Platform complements this by enabling informal micro enterprises that are not covered under the Goods and Services Tax (GST) or the Income Tax system to obtain formal recognition through verified data submitted by authorised Udyam Assist Partners. Highlighting the impact of the initiative, the ministry said, "Together, these platforms are creating a more inclusive ecosystem by ensuring that even the smallest enterprises can become part of India's formal economy." The ministry said authorised partners such as banks, non-banking financial companies (NBFCs) and other lending institutions help eligible enterprises obtain Udyam Assist Certificates, allowing them to benefit from various government initiatives for micro enterprises while also expanding financial inclusion and strengthening grassroots entrepreneurship. According to the ministry, Udyam registration enables enterprises to access benefits under various MSME schemes covering finance, technology upgradation, quality certification, skill development, entrepreneurship promotion and market access. Registered enterprises also find it easier to obtain institutional credit, participate in government procurement and seek protection against delayed payments through the MSME Online Dispute Resolution (ODR) Portal. The ministry said the platforms are also helping make government support more accessible to women entrepreneurs, SC/ST entrepreneurs, rural enterprises, traditional artisans, first-generation entrepreneurs and youth-led start-ups. According to the ministry, more than 8.9 crore enterprises have been registered through the Udyam Registration Portal and the Udyam Assist Platform so far, providing employment to over 38 crore people across the country. It said that by expanding the formal MSME base and simplifying registration, the initiatives are helping transform entrepreneurial aspirations into successful enterprises while contributing to the vision of Viksit Bharat@2047. (ANI)
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