On March 15, 2024, the total registered enterprises on Udyam and UAP surpassed 4 crore, marking a significant milestone in the formalization initiative led by the Ministry of Micro, Small and Medium Enterprises (MSME). Committed to fostering the growth of MSMEs, the Ministry introduced a composite definition of investment and turnover for classifying micro, small, and medium enterprises through notifications in June and July 2020.
The launch of the Udyam Registration Portal (Udyam) in July 2020 provided a simple and free online platform for enterprises with PAN to formalize their operations, considering both investment and turnover. Subsequently, the Ministry introduced the Udyam Assist Platform (UAP) in January 2023 for enterprises without a GSTIN.
Recognizing the importance of these initiatives, the Government of India specified that certificates issued by UAP to Informal Micro Enterprises (IMEs) are equivalent to Udyam Registration Certificates for availing Priority Sector Lending (PSL) benefits. The RBI also categorized IMEs with Udyam Assist Certificates as Micro Enterprises under MSME for PSL classification.
Source: PIB, GoI
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