The ministry of MSME declared a new registration process know as Udyam registration. And all the existing Udyog Aadhaar certificate holders should re-register again on the new Udyam registration portal. All existing micro small medium enterprises registered under Udyog Aadhaar shall register again on the Udyam Registration by 31 March 2021.
Till now, India has 28,380 cases with 886 deaths. The lockdown has also been extended to 3 May, 2020 by the Narendra Modi led Government. A country with a population of 1.3 billion will require a systematic approach so as to minimize the damage arising because of covid-19 breakout. To provide daily essentials to these 1.3 billion people is a really big challenge for the Indian Government along with reviving the economy once this pandemic dies down.
The covid-19 pandemic has already reached 2nd stage in India and will probably reach the third stage very soon where it will transfer from cluster to community. A developing country like India may suffer an economic crisis where most of the GDP comes from these MSME sectors. In this crisis, the MSME sectors needed various schemes to help with their financial problems.
The Ministry of Micro, Small and Medium Enterprises (MSMEs) has declared the new method and process for filing the memorandum to be recognized as 'UDYAM REGISTRATION' in the Gazette of India of 26 June 2020 with effect from 1 July 2020.
The Government of India declared a notification on July 1, 2020, for classifying the enterprises as micro, small and medium enterprises (MSME) and specified the form and procedure for filing the new memorandum known as ‘Udyam’, and its Registration Process will be known as 'Udyam Registration'.