Registrations of Informal Micro Enterprises on the Udyam Assist Platform cross 1.50 crore

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Unlocking Opportunities: Udyam Assist Platform Simplifies Registration for Micro Enterprises

Team FS

06/Mar/2024

Discover how the Udyam Assist Platform, launched by the Ministry of Micro, Small, and Medium Enterprises, is revolutionizing the registration process for Informal Micro Enterprises (IMEs). With over 1.50 crore registrations within just 14 months, IMEs can now access priority sector lending benefits, opening doors to growth and development.

The Udyam Assist Platform, a groundbreaking initiative by the Ministry of Micro, Small, and Medium Enterprises (MSME), has set out to streamline the registration process for Informal Micro Enterprises (IMEs), aiming to simplify their journey towards formalization and growth. Launched on January 11, 2023, this platform offers the Udyam Assist Certificate, providing IMEs with a hassle-free registration experience.

Operated under the supervision of the Small Industries Development Bank of India (SIDBI), the Udyam Assist Platform (UAP) caters to IMEs that do not possess a GSTN, ensuring inclusivity and accessibility for all micro enterprises. In a remarkable feat, registrations on the UAP have surpassed 1.50 crore within a span of just 14 months, showcasing the platform's effectiveness in reaching and empowering micro enterprises across the nation.

A significant development came with the Gazette Notification dated March 20, 2023, which recognized certificates issued to IMEs on the UAP as equivalent to Udyam Registration Certificates. This pivotal decision enables IMEs to avail themselves of Priority Sector Lending (PSL) benefits, unlocking vital financial support and resources for their growth and sustainability.

In alignment with the Reserve Bank of India's circular dated May 9, 2023, IMEs holding a Udyam Assist Certificate are now officially classified as Micro Enterprises under the MSME category for PSL classification. This classification not only enhances the credibility and visibility of IMEs but also reaffirms the government's commitment to fostering the growth and development of micro enterprises across the country.

The Udyam Assist Platform stands as a beacon of opportunity for IMEs, offering a seamless pathway towards formalization and access to essential resources. As India's micro enterprise sector continues to flourish, fueled by innovation and determination, the UAP serves as a catalyst for transformation, propelling IMEs towards a future of prosperity and success.

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Unlocking Opportunities: Udyam Assist Platform Simplifies Registration for Micro Enterprises

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