Consolidated notification for classification and registration of MSME named as Udyam

      Consolidated notification for classification and registration of  Micro, small and Medium Enterprises(MSME), MSME named as Udyam:

       Minister of MSME Nitin Jairam Gadkari released the consolidated notification in the form of guidelines for the classification and registration of MSMEs, which are facing many challenges due to the COVID-19 impact. As per the notification, MSME will be known as “Udyam” , and accordingly, the registration process will be known as Udyam registration which is effective from 1^st July,2020. Udyam registration done through online portal on the basis of Aadhar number and other details can be given on self declaration basis without any requirement of uploading and submitting any papers

       Udyam classification: From now onwards, the basis criteria for MSME classification is investment in plant, machinery and equipment and turnover as per the latest classification.

           Micro enterprises Investment not exceeding Rs. 1cr. and turnover of  Rs.5 cr.

           Small enterprises Investment up to Rs.10 cr. and turnover of up to Rs. 50 cr.

           Medium enterprises investments not exceeding Rs.50 cr  and turnover of Rs. 250cr

About Micro, Small and Medium enterprises (MSME):  It  founded on 2007. Its Headquarter at Udyog Bhawan, Rafi Marg, New Delhi. It is the Apex executive body for the formulation and administration of rules, regulations and laws relating to micro, small and medium enterprises in India.