Know how Udyam, a government initiative boosts MSME growth, post-pandemic recovery & how it provides access to resources through collaborations and partnerships.
The Udyam platform is a game-changer for the Indian micro, small, and medium enterprises (MSMEs) sector. It is a one-stop-shop for MSMEs to register their businesses, avail of government schemes and benefits, and file their taxes online. The platform has been instrumental in helping MSMEs to navigate the challenges of the COVID-19 pandemic.
The pandemic had a devastating impact on the MSME sector, with millions of businesses losing revenue and operations being disrupted. The platform helped MSMEs to stay afloat during this difficult time by providing them with easy access to government support and financial assistance.
One of the key features of the platform is the e-Shram portal, which is a national database of unorganised workers. The portal has helped millions of MSME workers to register themselves and avail of government benefits such as the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
The platform has also helped MSMEs to digitalize their businesses. The platform provides MSMEs with access to a range of digital tools and services, such as online marketing and e-commerce platforms. This has helped MSMEs to reach new customers and expand their markets.
The platform is playing a vital role in the post-pandemic recovery of the Indian economy. The platform is helping MSMEs to create jobs, boost economic growth, and contribute to the country’s overall prosperity.
Here are some specific ways in which the platform is helping MSMEs to recover from the pandemic:
- Providing access to government support schemes: The online platform provides MSMEs with easy access to a range of government support schemes, such as the Emergency Credit Line Guarantee Scheme (ECLGS) and the Pradhan Mantri Mudra Yojana (PMMY). These schemes have helped MSMEs to obtain much-needed financing to restart their businesses and operations
- Promoting digitalisation: The platform is promoting digitalisation among MSMEs by providing them with access to a range of digital tools and services. This is helping MSMEs to reach new customers, expand their markets, and operate more efficiently
- Facilitating access to markets: The platform is facilitating access to markets for MSMEs by connecting them with buyers and suppliers through its online marketplace. This is helping MSMEs to increase their sales and generate revenue
- Providing training and skill development opportunities: The platform provides MSMEs with access to training and skill development opportunities. This is helping MSMEs to improve their workforce skills and productivity
- Reducing the cost of compliance: The platform has reduced the cost of compliance for MSMEs by streamlining the process of business registration and tax filing. This has freed up the time and resources o MSMEs to focus on their core business activities
- Improving the ease of doing business: The platform has made it easier for MSMEs to do business by providing them with a single window for accessing a range of government services. This has reduced the time and effort required for MSMEs to comply with government regulations
- Promoting innovation and entrepreneurship: The platform is promoting innovation and entrepreneurship among MSMEs by providing them with access to funding, mentorship, and other support services. This is helping MSMEs to develop new products and services, and to create new jobs.
Udyam an One-Stop solution for MSME Registration
Registration: Udyam makes it easy for MSMEs to register their businesses online. The process is simple and straightforward, and it can be completed in a few minutes. Once an MSME is registered on Udyam, it gets a unique identification number (UDYAN-UIN). This number is used to access all of the services available on the platform.
Government schemes and benefits: Udyam provides MSMEs with easy access to a range of government schemes and benefits. These schemes are designed to help MSMEs grow their businesses, create jobs, and contribute to the country’s economic development.
Some of the government schemes that MSMEs can access through Udyam include:
- Emergency Credit Line Guarantee Scheme (ECLGS)
- Pradhan Mantri Mudra Yojana (PMMY)
- Pradhan Mantri Rozgar Yojana (PMRY)
- Make in India
- Startup India
Tax filing: Udyam also allows MSMEs to file their taxes online. This is a convenient and efficient way for MSMEs to comply with their tax obligations.
Benefits of Udyam for post-pandemic recovery
The platform is playing a vital role in the post-pandemic recovery of the Indian economy. The platform is helping MSMEs to:
- Recover from the financial impact of the pandemic: The platform is providing MSMEs with access to government support schemes and financial assistance. This is helping MSMEs to restart their businesses and operations.
- Boost economic growth: MSMEs are the backbone of the Indian economy. By helping MSMEs to grow, the platform is boosting economic growth.
- Create jobs: MSMEs are the largest job creators in India. The platform is helping MSMEs to create jobs, which is reducing unemployment and improving the lives of millions of Indians.
Conclusion:
The Udyam platform is a valuable resource for MSMEs in India. It is helping MSMEs to recover from the pandemic, to grow their businesses, and to contribute to the country’s overall economic development. The platform has emerged as a lifeline for MSMEs in India. It has not only helped them recover from the pandemic but has also paved the way for their sustainable growth and, in doing so, contributed significantly to the country’s overall economic development. By fostering a nurturing environment for these enterprises to thrive, they have played a vital role in ensuring that India’s MSME sector remains a driving force behind the nation’s economic progress.
