Nearly five million Micro, Small and Medium Enterprises (MSMEs) have registered on the Udayam portal, MSME Secretary BB Swain said on Wednesday, while addressing the MSME Tech-Fin Mobility Summit organised by the Confederation of Indian Industry (CII).
Udyam portal provides easy single page registration and simplifies the process of registration of an entity as MSME.
Swain emphasised on the importance of MSMEs leveraging credit and technology to grow and expand their business.
MSME Secretary B B Swain said that timely availability, accessibility and affordability of credit and technological know-how are important prerequisites for any MSME and especially the micro enterprises to thrive, grow and expand.
He also urged the industry to promote the Udyam registration amongst MSMEs as it becomes a single point of authentic data which can be further utilised to drive policy intervention, as he informed about the portal crossing 5 million registrations.
The portal went live in 2020 and the government expects it might boost the ease of doing business by reducing onboarding time and cost. He also clarified that no private agency or person is authorised to do MSME registrations.