The Survey drew attention to the fact that Micro, Small & Medium Enterprises contribute significantly to the economic and social development of the country by fostering entrepreneurship and by generating employment opportunities.
Synopsis
The Economic Survey also highlighted the Champions portal as being an ICT based technology system for making the smaller units big by helping and handholding them.
Among the measures taken by the government to improve the ease of doing business for the MSMEs, launching of the new Udyam Registration Portal in July 2020 was hailed as a significant one. The numbers also give an idea about the composition of the sector, which is largely dominated by micro firms with very few medium enterprises.
The Economic Survey 2021-22 tabled in Parliament on Monday stated that as of Jan 17, 2022, 66,34,006 enterprises have registered on the Udyam portal, out of which 62,79,858 are micro (94.6%); 3,19,793 are small; and 34,355 are medium enterprises.
“The registration process under this is fully online, digital, paperless and is based on self-declaration. No documents or proof are required to be uploaded for registering as a micro, small and medium enterprise. Aadhaar and PAN are required for registration and details on investment and turnover of enterprises are taken automatically from relevant Government databases,” the survey stated.
It added that the new registration process has boosted the ease of doing business for MSMEs by reducing transaction time and costs. Further, it highlighted that among the new measures, the retail and wholesale trades were included as MSMEs and they are allowed to be registered on the Udyam Registration Portal.
The Economic Survey also highlighted the Champions portal as being an ICT based technology system for making the smaller units big by helping and handholding them. The document mentioned that a network of control rooms is created in a Hub & Spoke Model where the hub is situated in the Ministry of MSME, New Delhi whereas 68 spokes are located across the country in various offices and institutions of the Ministry. “As on 16.01.2022, 42,304 grievances have been received, out of which 41,965 (99.1%) grievances have been replied,” it stated.
Some of the key features of the portal include Information dissemination; onboarding of nationalized banks, private/regional rural banks, state financial corporations, central government ministries/ departments to resolve grievances in a fast track manner; programme wise mapping of officials of the Ministry for fast track responses of grievances; and integration with various portals such as MSME Samadhaan, Udyam Registration, CPGRAM etc.
The Survey drew attention to the fact that Micro, Small & Medium Enterprises contribute significantly to the economic and social development of the country by fostering entrepreneurship and by generating employment opportunities. “The relative importance of MSMEs can be gauged from the fact that the share of MSME GVA in total GVA (current prices) for 2019-20 was 33.08 per cent,” the survey highlighted.