Economic Survey 2022 | Udayam portal aid MSMEs in ease of doing business

As of January 17, 2022, the portal received over 66 lakh enterprises

Workers seen inside an MSME industrail unit in Ambattur in Chennai. Representational File Image.

The new registration process initiated by the Centre to promote and nurture Micro, Small and Medium Enterprises (MSMEs) has boosted the ease of doing business for the sector, and also reduced transaction time and costs, said the

Economic Survey 2021-22 , which was tabled on Monday.

As of January 17, 2022, the portal received over 66 lakh enterprises, of which 63 lakh were from micro enterprises, three lakh from small enterprises, and 34,355 from medium enterprises respectively.

Further as a recent measure, the retail and wholesale trades were included as MSMEs and they are allowed to be registered on the portal to avail priority sector lending alone. Street vendors can also register as retail traders on the portal and can avail the benefit of priority sector lending, the Survey said.

The Government had launched Udayam Registration Portal during July 2020. The registration process is portal fully online, digital, paperless and is based on self-declaration. No documents or proof are required to be uploaded for registering as MSME. Aadhaar and PAN are required for registration.

The Champions portal, which was launched by the MSME Ministry to assist MSMEs to become big, received 42,304 grievances as of January 16, 2022, of which 41,965 (99.1%) were replied.