India sees surge in MSME registrations: 4.77 cr registrations on Udyam Portal as of July 2024

New Delhi, Aug 05: A total of 4.77 crore MSMEs have registered on the Udyam Registration Portal and Udyam Assist Platform as of July 31.

The number of registrations over the years reflects a robust growth trajectory, with 2.49 crore MSMEs registered in the fiscal year 2023-24 alone. For the fiscal year 2024-25, as of July 31, 2024, the number of registered MSMEs stands at 63.41 lakh.

The Udyam Registration Portal, launched on July 1, 2020, has seen significant uptake.

According to a press release by the Ministry of MSME, in terms of exports, MSME products have maintained a substantial share in India's overall export figures. According to data from the Directorate General of Commercial Intelligence and Statistics (DGCIS), the share of MSME-specified products in total Indian exports was 45.03 per cent for the fiscal year 2021-22, 43.59 per cent for 2022-23, and 45.73 per cent for 2023-24. This consistency highlights the crucial role of MSMEs in contributing to the nation's export economy.

To further bolster export activities, the Ministry of MSME is actively implementing the International Cooperation (IC) Scheme. This scheme offers financial assistance on a reimbursement basis to eligible central and state government organizations and industry associations.

The assistance supports MSMEs in participating in international exhibitions, fairs, and buyer-seller meets abroad. It also facilitates the organization of international conferences, seminars, and workshops within India, aimed at technology upgradation, modernization, and fostering joint ventures.

Additionally, a new component of the IC Scheme, known as the Capacity Building of First-Time Exporters (CBFTE), was launched in June 2022. This initiative provides reimbursement for costs incurred by new micro and small enterprise (MSE) exporters for Registration-cum-Membership Certification (RCMC) with Export Promotion Councils (EPCs), export insurance premiums, and testing and quality certification for exports. These measures are designed to enhance the ability of MSMEs to access and compete in international markets.