Government is creating a new web portal for MSMEs, Govt invests Rs.130 crore

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The central government is developing a web portal, Udyami Bharat, to provide entrepreneurs of micro, small, and medium enterprises (MSMEs) with access to information about various schemes related to the sector. This initiative, backed by an investment of Rs 130 crore, aims to streamline the process for entrepreneurs to obtain details pertinent to their field by using their Udyam registration number.

Collaboration and Implementation Plans

According to a senior government official involved in the project, the government has partnered with Nexi, a technology company, for the development of the portal. The first phase of the project is scheduled to commence by September 2024, during which the Ministry of Micro, Small and Medium Enterprises (MSME) will integrate their schemes through Application Programming Interfaces (APIs). Following the launch, a dedicated team of 15 individuals will continue to work on this project, and the portal will be hosted on the NIC cloud.

Current Status and Industry Impact

As of December 2023, over 30 million MSMEs were registered in the country, with services comprising the largest segment of the sector. Additionally, the Ministry of Agriculture recently launched a web portal to expedite bank settlements of interest subsidy claims under the Agriculture Infrastructure Fund (AIF).

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MSME Classification and Economic Contribution

Enterprises are classified as MSMEs based on specific criteria, with micro, small, and medium enterprises defined by their investment in plant and machinery or equipment, as well as their turnover. MSMEs play a vital role in job creation in India, contributing approximately 29% to the country’s gross value added and around 45% to its exports.

This government initiative demonstrates a concerted effort to support and empower MSMEs, which are integral to the economic landscape of India.

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