In this article, we have jotted down the benefits and use of Udyog Aadhar and its salient features. Udyog Aadhar is a 12-digit government distinguishing proof number given by the Ministry of MSME to the Small and medium undertakings when they register themselves. In contrast to different elements, a sole owner doesn't have the official acknowledgment of the business. Thus, Udyog Aadhar enrollment is profoundly prudent to them since it gives them an official acknowledgement from the administration of India. It approves their reality also. In any case, different business substances can likewise enroll themselves and profit Udyog Aadhar benefits.
As per the Indian Government, the definition of MSME - Micro, Small & Medium Enterprises, according to the provision of Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 the Micro, Small and Medium Enterprises (MSME) are classified in two Enterprises:
The Union Ministry of MSME has introduced a new online MSME registration process of the enterprise known as ‘Udyam Registration’ to register under the Ministry of MSME on July 01, 2020. The registration process for Udyam was initiated to ease of registration for small-medium enterprise on a single portal and reduces the processing time. And as per the notification of the Indian Government, all existing MSME enterprises registered under Entrepreneur Memorandum EM–Part-II or Udyog Aadhaar Memorandum UAM (MSME/ Udyog Aadhaar) shall re-register again on the Udyam Registration portal on or after the 1st of July 2020.
The micro, small, and medium enterprises and the groups of people who are associated with it are suffering the most during this pandemic of COVID-19. The micro, small and medium enterprises or MSMEs are the small sectors of business which can be considered responsible for the propagation of the middle scale economy of any country. There are many enterprises that are presently contributing to the economy of every country. These enterprises are responsible for carrying forward the basic economy of an entire country. The apparent contribution of this kind of business might not appear to be crucial, but the overall contribution to the country's economy by micro, small, and medium enterprises cannot under-estimated at any cost.
What are the pillars of economic growth in a developing country like India? The Micro, Small, and Medium Enterprises (MSME) sector, rightly termed as the “engine of growth for India” is one of the major business units that play a salient role in the development of the country. The Government of India, through various subsidies, incentives, schemes, and most importantly the MSMED, Act supports and promotes the MSME sector which is a primary contributor to industrial, manufacturing, and employment units of India.