Over 5.5 Crore MSMEs Register on Udyam Portal as Government Pushes Formalisation

ENA MSME 2024-12-17 14:57:37 New Delhi, Dec 17 (KNN) In a significant development for India's economic ecosystem, the Union Government announced that over 5.5 crore Micro, Small, and Medium Enterprises (MSMEs) have registered on the Udyam portal. This milestone reflects the governments continued efforts to foster ease of business and provide streamlined access to benefits and schemes for MSMEs. Minister of State for Finance, Pankaj Chaudhary, shared these updates during a parliamentary session, emphasising the strides made towards formalising Indias economy. Chaudhary highlighted that along with the Udyam portal registrations, the e-Shram portal has also seen remarkable growth, with 30.46 crore workers registering over the last three years. This surge demonstrates our commitment to integrating the informal sector into the mainstream economy, Chaudhary said. He further noted that the number of registered workers has nearly doubled compared to 2014-15 when only 15.8 crore workers were enrolled. The data underscores the success of initiatives like the Digital India campaign, which have accelerated outreach and accessibility for both businesses and workers. The Udyam portal, launched in July 2020, enables MSMEs to register without paperwork and access benefits such as priority sector lending, market linkages, and reduced compliance burdens. Meanwhile, the e-Shram portal, introduced in 2021, focuses on unorganised sector workers, providing them with access to social security schemes and formal employment opportunities. Experts see these developments as a pivotal shift in Indias economic landscape. The twin initiatives symbolise a structural transition towards formalisation, which is critical for economic resilience and inclusive growth, said an economic analyst. Indias MSME sector contributes nearly 30 per cent of GDP and employs over 11 crore people. With more enterprises and workers coming under formal frameworks, the government aims to bolster productivity, employment generation, and long-term economic stability. The announcement reinforces the government's narrative of a growing, inclusive economy, paving the way for sustainable development in the years ahead. (KNN Bureau) 40280 https://knnindia.co.in/news/newsdetails/msme/over-55-crore-msmes-register-on-udyam-portal-as-government-pushes-formalisation 2024-12-17 14:57:37 knnindia.co.in Over 5.5 Crore MSMEs Register on Udyam Portal as Government Pushes Formalisation