Explained: How new Udyam Assist Platform for micro enterprise registration works? Check details

Ease of doing business for MSMEs: MSME Minister Narayan Rane on Wednesday launched a new platform Udyam Assist – a formalisation project by the MSME ministry and platform’s implementing agency SIDBI to boost Udyam registration of informal micro enterprises in the country and enable them for priority sector lending (PSL) benefits. The platform, now live, seeks to complement the Udyam registration portal of the ministry for MSMEs. According to the MSME Ministry, the portal was inaugurated with the inclusion of 8 lakh informal micro enterprises into the formal ambit.

Out of around 6.3 crore MSMEs in the country, over 99 per cent are micro units and out of 1.33 crore MSMEs registered on the Udyam portal, only 40,000 are micro enterprises. Unlike small or mid-sized enterprises, micro units including ultra micro enterprises such as street vendors generally lack the necessary documents, motivation, and ability to register on the Udyam portal.