Newly appointed MSME Minister Jatin Ram Manjhi has called on aspiring entrepreneurs in India to register with the government’s MSME registration portal, Udyam, to launch their new ventures. This move aims to support and encourage the growth of micro, small, and medium enterprises (MSMEs) across the country.
A Call to Action for Aspiring Entrepreneurs
In a post on X (formerly Twitter), Manjhi emphasized the ease and benefits of the Udyam registration process. “Get your Udyam Registration for free and start your own business. Register at udyamregistration.gov.in to get your Udyam Registration,” he said. He further highlighted Prime Minister Narendra Modi’s vision for widespread employment and skill development, stating, “Narendra Modi’s resolution is that there should be skill in every hand and employment in every home.”
Manjhi, a prominent Dalit leader and the head of the Hindustani Awam Morcha (HAM), has a significant political background, having served as the Chief Minister of Bihar. He secured his position as MSME Minister after winning the Gaya seat in Bihar in the 2024 Lok Sabha elections by a substantial margin of 101,812 votes against Rashtriya Janata Dal’s Kumar Sarvjeet.
Transition in Leadership
Jatin Ram Manjhi replaced Bharatiya Janata Party’s Narayan Rane, who had taken charge as the MSME Minister in July 2021 during the first major cabinet reshuffle of PM Modi’s second term. Rane had succeeded Nitin Gadkari in the role. Alongside Manjhi, Shobha Karandlaje also took on a new position. Previously the Minister of State for Agriculture & Farmers Welfare, Karandlaje now serves as the Minister of State (MoS) in the Ministry of MSME, succeeding Bhanu Pratap Verma.
Karandlaje’s background includes membership in the Standing Committee on Energy, the Committee on Empowerment of Women, and the Consultative Committee under the Ministry of Women and Child Development in the 17th Lok Sabha. Her experience and leadership will likely complement Manjhi’s efforts in the MSME sector.
Also read: Jitan Ram Manjhi Appointed New MSME Minister in Modi’s NDA Government
The Importance of MSMEs in India
India’s MSME sector is a crucial component of the national economy. As of now, there are 4.5 crore MSMEs registered with the MSME Ministry under the Udyam registration portal, which was launched in July 2020. These enterprises play a significant role in economic development, employment generation, and innovation.
Of the 4.5 crore registered MSMEs, a vast majority, 4.4 crore or 98.1 percent, are micro units. The remaining include 7.06 lakh small enterprises and 67,364 medium enterprises. The micro enterprise category also encompasses 1.89 crore units that are not under the GST framework, such as street vendors. These entities were registered via the Udyam Assist Platform launched in January 2023.
Simplifying the Registration Process
The Udyam registration process has been designed to be straightforward and accessible. Entrepreneurs can complete the registration online without any cost, which significantly reduces the entry barrier for starting a business. The portal provides a simplified interface and requires minimal documentation, making it easier for micro and small enterprises to formalize their operations.
Registering with Udyam offers several benefits to MSMEs. These include:
- Eligibility for various government schemes
- Easier access to credit and loans
- Priority sector lending, and
- Protection against delayed payments.
Additionally, registered MSMEs can benefit from tax exemptions, subsidies, and other incentives designed to promote business growth and sustainability.
Government Initiatives to Support MSMEs
The Indian government has launched various initiatives to support the MSME sector. These initiatives aim to provide financial assistance, technological support, and market access to small businesses. The Udyam registration is a part of these efforts to formalize the sector and ensure that MSMEs can leverage government support effectively.
One of the significant challenges faced by MSMEs is the delay in payments from buyers. To address this issue, the government has implemented measures to ensure timely payments to MSMEs. The introduction of the Udyam Assist Platform is a step in this direction, enabling micro enterprises outside the GST ambit to register and access benefits.
Moreover, the government has been focusing on enhancing the ease of doing business for MSMEs. Simplifying regulatory procedures, providing financial incentives, and promoting digitalization are some of the strategies adopted to create a conducive environment for MSMEs to thrive.
Future Prospects and Growth
With the new leadership under Jatin Ram Manjhi and Shobha Karandlaje, the MSME Ministry is expected to continue its efforts to promote and support the MSME sector. The emphasis on Udyam registration is likely to foster a more inclusive and dynamic business environment.
The growth of MSMEs is essential for India’s economic development. These enterprises not only generate employment but also contribute significantly to exports and innovation. By providing the necessary support and reducing bureaucratic hurdles, the government aims to unleash the potential of MSMEs and drive sustainable economic growth.
In conclusion, the new MSME Minister, Jatin Ram Manjhi, has urged aspiring entrepreneurs to take advantage of the Udyam registration portal to start their businesses. With a strong commitment from the government and various supportive measures in place, the MSME sector is poised for significant growth and development. By formalizing their operations and accessing government benefits, MSMEs can contribute to building a robust and resilient economy.