The Ministry of Micro, Small & Medium Enterprises (MSME) has witnessed a significant milestone with the Udyam Assist Platform crossing the registration mark of 1.50 crore Informal Micro Enterprises (IMEs). Launched on January 11, 2023, the platform aims to streamline the registration process for IMEs, facilitating their integration into the formal economy. This article delves into the impact of this achievement and its implications for the MSME sector.
Detailed Analysis:
The Udyam Assist Platform, spearheaded by the Ministry of MSME, serves as a crucial initiative to empower IMEs by simplifying their registration process. Implemented by SIDBI, this platform accommodates IMEs without a Goods and Services Tax Identification Number (GSTIN), ensuring inclusivity across the sector. Over the past 14 months, the platform has witnessed remarkable growth, surpassing the milestone of 1.50 crore registered IMEs.
A significant development in this journey is the Government of India’s Gazette Notification S.O. 1296(E) dated March 20, 2023. This notification equates the certificate issued by the Udyam Assist Platform to the Udyam Registration Certificate, enabling IMEs to access Priority Sector Lending (PSL) benefits. Furthermore, the Reserve Bank of India (RBI), through its circular dated 09.05.2023, categorizes IMEs holding the Udyam Assist Certificate as Micro Enterprises under the MSME category for PSL classification.
This recognition not only validates the significance of IMEs within the MSME landscape but also underscores the government’s commitment to fostering their growth and sustainability. By extending access to PSL benefits, IMEs are poised to leverage financial support, fueling their expansion and development initiatives. Moreover, the streamlined registration process offered by the Udyam Assist Platform enhances compliance and transparency, bolstering investor confidence and facilitating smoother business operations.
Conclusion:
The exponential rise in registrations on the Udyam Assist Platform signals a transformative shift in the MSME ecosystem, where IMEs play a pivotal role in driving economic progress. With the government’s steadfast support and initiatives like the Udyam Assist Platform, IMEs are empowered to thrive, contributing significantly to employment generation, innovation, and inclusive growth. As the journey continues, it is imperative to sustain this momentum, fostering an enabling environment for the sustained advancement of IMEs and the broader MSME sector.
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Ministry of Micro, Small & Medium Enterprises
Registrations of Informal Micro Enterprises on Udyam Assist Platform cross 1.50 crore
Udyam Assist Platform was launched by the Ministry of Micro, Small and Medium Enterprises on 11th January 2023 to facilitate registration of Informal Micro Enterprises (IMEs) through generation of Udyam Assist Certificate. SIDBI is the implementing agency for the project. IMEs not having GSTN are allowed to register on Udyam Assist Platform. During the last 14 months, total registrations of IMEs on the Udyam Assist Platform have crossed the figure of 1.50 crore.
The Government of India, vide Gazette Notification S.O. 1296(E) dated March 20, 2023, has specified that the certificate issued on the UAP to IMEs shall be treated at par with Udyam Registration Certificate for the purpose of availing Priority Sector Lending (PSL) benefits. Accordingly, RBI vide its circular dated 09.05.2023 has also categorised that the IMEs with an Udyam Assist Certificate shall be treated as Micro Enterprises under MSME for the purposes of PSL classification.
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