Current Affairs

UPSC UDYAM PORTAL - English

UDYAM PORTAL

Why in News?

Around one crore Micro, Small and Medium Enterprises (MSMEs) have registered on the Udyam portal within a span of 25 months, according to the Union Minister of Micro, Small, and Medium Enterprises.

About

• It was launched on 1st July, 2020.
• It’s an online system for registering MSMEs, launched by the Union MSME ministry.
• Further, it is linked to the databases of the Central Board of Direct Taxes(CBDT) and Goods and Services Tax Network (GSTN). 
• GSTN is a unique and intricate IT enterprise that establishes a channel of communication and interaction between taxpayers, the central and various state governments, and other stakeholders.
• It is fully online, does not require any documentation, and is a step towards Ease of Doing Business for MSMEs.

MSME

• The Micro Small and Medium Enterprises (MSMEs) sector is a major contributor to the socio-economic development of the country. 
• In India, the sector has gained significant importance due to its contribution to the Gross Domestic Product (GDP) of the country and its exports. 
• The sector has also contributed immensely with respect to entrepreneurship development, especially in semi-urban and rural areas of India.
• According to the provisions of the Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 the Micro, Small, and Medium Enterprises (MSME) are classified into two classes i.e., Manufacturing Enterprises and Service Enterprises.
• The enterprises are further categorized based on investment in equipment and annual turnover.

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