MSMEs (Micro, Small, and Medium Enterprises), also known as small-scale industries (SSI), are industries that promote employment for a large number of people across India. The growth of these industries contributes significantly to the countrys economic development, thus forming the backbone of Indias economy.
Udyam Registration portal is an online website where most of the businessmen register their businesses to use the privileges of various government schemes. Nowadays, investment in MSME has become the first preference of maximum banks and financial institutions in India to boost the Indian economy. These businesses can be micro, small, and medium enterprises.
Being a part of UDYAM MSME brings many benefits, features, and objectives for small businesses. However, to fully understand its advantages, it's important to first know what UDYAM REGISTRATION is all about.
During the COVID-19 pandemic, the global economy faced a severe downturn, and its impact was strongly felt across all sectorsespecially the Micro, Small, and Medium Enterprises (MSMEs).
Udyam refers to any enterprise or business that has been officially recognized as a Micro, Small, or Medium Enterprise (MSME) by the Ministry of MSME, Government of India. Once a business completes the registration process on the Udyam portal, it is referred to as a Udyam.
