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Home Industries MSME Over 3 lakh MSMEs have registered on Udyam portal since July: Official

Over 3 lakh MSMEs have registered on Udyam portal since July: Official

National, August 26, 2020: Over 3 lakh micro, small and medium enterprises (MSMEs) have registered in nearly two months through the new registration process on the ‘Udyam’ portal, a top official said on Tuesday.

“More than 3 lakh registrations have taken place in the months of July and August and now the speed is going up,” Secretary in the MSME Ministry A K Sharma said.

Sharma further emphasised that the process for registration of MSMEs through the government website is “absolutely free” and cautioned the public not to fall prey to fake websites.

“I would also like to caution that we have been hearing that there were many fake websites which have emerged in the market claiming that they would enable the registration process,” the Secretary said.

He further said that the Fund of Funds scheme will soon be rolled out.

“The other scheme we are working on is the Fund of Funds scheme, most of the formalities are over and in a very short while we will go to the market and invite private equity funds and venture capital funds,” Sharma said at a webinar organised by Confederation of Indian Industry (CII).

Finance Minister Nirmala Sitharaman in May had announced Rs 50,000-crore equity infusion through Fund of Funds for MSMEs.

For this purpose, a Fund of Funds with a corpus of Rs 10,000 crore is to be set up to provide equity funding for MSMEs with growth potential and viability.

The Fund of Funds scheme is intended to help those businesses who are in their nascent and initial stages, where there are almost no prospects to raise funds through the help of professional corporations or venture capitalists.

The scheme proposes to buy up to 15 per cent growth capital in high credit MSMEs according to the reports published in economictimes.indiatimes.com.

Regarding the delay in outstanding payments to MSMEs, the Secretary shared that in “May, June and July, thousands of crores of rupees which were pending towards the MSME dues have been paid by government departments and central public sector enterprises”.

In May, Sitharaman had also said that MSMEs receivables from the government and Central Public Sector Enterprises (CPSEs) will be released within 45 days.

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