- BW Business World
Indian MSMEs: Financial Horrors Are Alive And Kicking
Around 73,576 MSMEs registered on the Udyam portal have cancelled their registrations as of 29 March 2023 since its inception. This was stated in the Rajya Sabha recently by Bhanu Pratap Singh Verma, Minister of State, Ministry of Micro, Small and Medium Enterprises (MSME).
As per the data shared by the minister, the reasons behind the withdrawal or cancellation were shutdown of businesses, change of owner, no further requirement, duplicity and a few others.
Launched on 1 July 2020 by the Centre, Udyam Portal is an online system for registering MSMEs so they can use the benefits of schemes of the ministry and for priority sector lending from banks. Plus, it is also linked to the databases of the Central Board of Direct Taxes (CBDT) and Goods and Services Tax Network (GSTN).
As per the data (Udyam registration) available on the ministry website, a total of 1,57,89,528 MSMEs have registered on the portal and 1,57,20,712 are classified. About 1,52,18,776 are micro, 4,60,858 are small and 41,078 are medium enterprises.