The Uttar Pradesh government is nudging the Micro, Small and Medium Enterprises (MSME) to register with the ‘Udyam’ portal to avail of a slew of benefits for growth.
According to the UP MSME and export promotion department, there are more than 9 million MSMEs in the state, of which only 1.4 million are registered with the portal.
A majority of the unregistered MSMEs operate in the unorganised sector, and belong to the micro category. The registration with the MSME platform would offer a bouquet of benefits to entrepreneurs including insurance, marketing and financing.
Since, the MSMEs collectively contribute to the Gross State Domestic Product (GSDP), the Yogi Adityanath government is encouraging them to register with the portal.
The benefits include accident insurance cover of up to Rs 5 lakh for micro entrepreneurs, which is likely to be announced by the state government soon.
The MSME sector contributes nearly 60 per cent to UP’s annual industrial output, and is the second-largest employer after agriculture and allied farm activities. It accounts for the bulk of the merchandise exports from UP.
As the Yogi regime is looking to ramp up state merchandise exports to Rs 3 trillion in 4-5 years, the state is catalysing the MSMEs.
The state has launched an aggressive MSME registration campaign in each district while the MSME units could also self register on the Udyam portal.
The benefits will be offered to the micro-enterprises with investment of up to Rs 1 crore and turnover of up to Rs 5 crore; small enterprises with investment of up to Rs 10 crore and turnover of up to Rs 50 crore; and medium enterprises with investment of up to Rs 50 crore and turnover of up to Rs 250 crore.