MSME plays a vital role in the economy of India and acts as the backbone of the economy as it creates employment in every sector. MSME is the reason for the significant size of the population getting into formal and organized jobs. Hence, the Government of India started a new registration process for the upliftment of MSME and launched the Udyam Registration Portal to simplify the registration process. This initiative has integrated many digital platforms of MSME, simplified all compliances, and also provided finance facilities for MSME growth.

Indian small and medium ventures have undergone a phenomenal change in digitization. There are increased utilisations of increasing online media, cloud computing, and official announcements propagated via online media. There is enhanced competitiveness and partnership amongst MSMEs and larger-size businesses.

Udyam Registration is an e-governance activity where MSMEs are required mandatorily to avail benefits under the Micro, Small, and Medium Enterprises Development (MSMED) Act, 2006. It has replaced the earlier Udyog Aadhaar process in July 2020 and computerized, paperless, online registration.

In this article, we will understand the synergy between Udyam Registration and digital MSME platforms in India, highlight its benefits, and also understand its future advancements.

First of all, let us understand about Udyam Registration.

What is Udyam Registration?

Udyam Registration is an online registration process which is a new initiative started by the Ministry and Micro Small and Medium Enterprises by replacing the old Udyog Aadhar Memorandum in 2020. It ensured that small and medium enterprises could do their business easily. This is a one-time registration process that provides a unique Udyam Registration Number after registration and also helps in availing of many benefits like subsidies, loan facilities, and government tenders.

MSMEs online registered have easy access to government concessions, subsidies, and collateral-free loans. Easy electronic validation of business information by banks leads to immediate loan sanctioning and credit access.

Benefits received after Udyam registration:

The MSMEs who get their business registered in Udyam Registration get various kinds of benefits such as:

• Easy access to finance: The MSMEs who get their business registered easily get collateral free loans under various government schemes.
• Getting subsidies and incentives: The MSMEs get exemptions in various direct and indirect taxes, get subsidies in patents, and also get priority in some government contracts.
• Priority in government tenders: Registered MSMEs get priority in procurement processes
• Protection even after payment delay: If there is any delay in payment to MSMEs, then they get legal protection under the MSME Development Act

What is the role of the digital MSME platform in Udyam registration?

As digitalization is happening rapidly in the new era, many government and private MSME platforms are providing enterprise registration to support businesses. These platforms easily register, download certificates, check compliance, and can help in financial services after registering through these platforms.

Some of the main functions of the Digital MSME Platform are:

1. Easily submit Udyam Registration Form

• Businessmen can easily do Udyam Registration online on MSMe Platform/Udyam Registration Portal.

• The Udyam Registration Form requires only some basic details like Aadhaar number, PAN Card number, etc.

2. Download Udyam Registration Certificate

• After completing the Udyam Registration process, businesses receive an electronically generated Udyam Registration Certificate which can be downloaded from the portal in Udyam certificate download PDF format.

• The certificate serves as proof of registration and is used to avail the benefits of MSMe.

3. Print Udyam Certificate

• Entrepreneurs can print the Udyam Registration Certificate anytime using the Udyam Registration Number and registered mobile number.

4. You can also download Udyog Aadhaar

• Some platforms still provide the facility to download the old Udyog Aadhaar certificate.

5. Retrieve forgotten certificate

• If you have forgotten your certificate, you can retrieve it by using Forgot Udyam registration.

The future of digital MSME platforms in India

 As MSME is continuously evolving digital platforms play a vital role in streamlining operations, compliance processes, and providing financial support. Some advancements can be made in the digital MSME platform in the future that include:

• By inculcating AI in the digital MSME platform can bring automated systems in MSMEs so that registered MSMEs can stay compliant with new updates.
• Collaborations with Fintech companies can help in financial assistance and faster approvals.
• Blockchain technology can also be used to secure MSME transactions.

Conclusion:

Small businesses operating in India have been revolutionized by intersecting Udyam registration with the digital MSME platform. With the help of digital tools, MSMEs are able to register their business easily, download and print certificates, and even retrieve their Udyam certificate if they have forgotten it. As digital transformation is gaining momentum, businesses should adopt it and take full advantage and unlock all the opportunities to grow.

Entrepreneurs who are looking for a platform to register their MSMEs are in the right place. Our platform provides a very smooth and hassle-free experience. You can download your certificate, print your Udyam certificate, or get any information related to MSME and support your business journey with us.