DAILY NEWS ANALYSIS

05 August, 2022
5 Min Read

UDYAM PORTAL

According to the Union Minister of Micro, Small, and Medium Enterprises, over one crore Micro, Small, and Medium Enterprises (MSMEs) have registered on the Udyam portal in the past 25 months.

What is the Udyam portal??

It was introduced on July 1st, 2020.
The Union MSME ministry introduced an online mechanism for registering MSMEs.
Additionally, it is connected to the databases of the Goods and Services Tax Network and the Central Board of Direct Taxes (CBDT).
A channel of communication and engagement between taxpayers, the federal government, several state governments, and other stakeholders is established via the complex and one-of-a-kind IT enterprise known as GSTN.
It is entirely online, doesn't call for any paperwork, and helps MSMEs operate more easily.

Feature

The MSME registration process is entirely electronic, paperless, and self-declaratory. No documentation or paperwork must be uploaded in order to register an MSME.
After registration, a Registration number will be provided.
An Udyam Registration Certificate will be issued once the registration process is complete. This certificate will feature a dynamic QR Code that may be used to visit the web page on our portal and information about the company.
PAN & GST connected information on an enterprise's investment and revenue will be automatically retrieved from the relevant government data repositories

Significance

This procedure will be incredibly easy and seamless for business owners.
It will serve as a model for ease of doing business both domestically and abroad.
Transaction costs and time will be cut. Entrepreneurs and businesses can concentrate on doing their actual jobs while being globally competitive.
Additionally, MSMEs support the nation's exports, GDP, and job creation.

New initiative

For the sharing of Udyam data, the MSME ministry inked MoUs with the Tourism Ministry and the National Small Industries Corporation.

Additionally, the Udyam registration Digi locker facility would be linked.

About MSME

The Micro Small and Medium Enterprises (MSMEs) industry make a significant contribution to the nation's socioeconomic growth.
Due to the sector's exports and contribution to India's Gross Domestic Product (GDP), the industry has grown significantly in prominence.
Additionally, the sector has made significant contributions to the growth of entrepreneurship, particularly in India's semi-urban and rural regions.
The Micro, Small & Medium Enterprises Development (MSMED) Act of 2006 specifies two categories into which Micro, Small & Medium Enterprises (MSME) are divided: Manufacturing Enterprises and Service Enterprises.

Source: PIB

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