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Micro Finance

No. of registered MSMEs crosses 4 crore milestone

No. of registered MSMEs crosses 4 crore milestone

India’s Micro, Small, and Medium Enterprises (MSME) sector has achieved a significant milestone, with the total number of registered enterprises on the Udyam and Udyam Assist Platform (UAP) surpassing the four crore mark as of March 15, 2024. This landmark achievement underscores the successful efforts of the Ministry of Micro, Small and Medium Enterprises towards the formalization and development of MSMEs across the country, the ministry stated in a press release.

In an endeavour to streamline and enhance the classification and registration process for MSMEs, the ministry implemented a new composite definition of investment in plant and machinery and turnover on June 26, 2020. This was further bolstered by the introduction of the Udyam Registration Portal on July 1, 2020. Designed as a simple, online, and complimentary platform, Udyam facilitates the registration of enterprises with a PAN, utilizing data from the CBDT and GSTN to evaluate investment in plant and machinery as well as turnover.

Expanding its support to include enterprises without GSTIN, the ministry launched the Udyam Assist Platform (UAP) on January 11, 2023.

PR Newswire

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