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Tuesday, May 28, 2024

Over 1.50 Crore Micro Enterprises Register on Udyam Assist Platform

Udyam Assist Platform was launched by the Ministry of Micro, Small and Medium Enterprises on 11th January 2023 to facilitate registration of Informal Micro Enterprises (IMEs) through generation of Udyam Assist Certificate.

SIDBI is the implementing agency for the project. IMEs not having GSTN are allowed to register on Udyam Assist Platform.

During the last 14 months, total registrations of IMEs on the Udyam Assist Platform have crossed the figure of 1.50 crore.

The Government of India, vide Gazette Notification S.O. 1296(E) dated March 20, 2023, has specified that the certificate issued on the UAP to IMEs shall be treated at par with Udyam Registration Certificate for the purpose of availing Priority Sector Lending (PSL) benefits.

Accordingly, RBI vide its circular dated 09.05.2023 has also categorised that the IMEs with an Udyam Assist Certificate shall be treated as Micro Enterprises under MSME for the purposes of PSL classification.

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