Explanation:

A large chunk of enterprises in India are simply not registered due to the cumbersome paperwork involved in the process and, therefore, can't tap the government schemes for them. The Ministry for Micro, Small and Medium Enterprises had in 2015 notified Udyog Aadhaar to ensure ease of registration and wider coverage of MSMEs to avail the benefits under various Schemes of Central/ State governments. Udyog Aadhaar (UA) has been introduced for running units. Udyog Aadhaar Memorandum (UAM) can be filled online on the portal created by Ministry of MSME i.e. http://udyogaadhaar.gov.in.

The Udyog Aadhaar Memorandum is filed on self-declaration basis, and no supporting document is required to be uploaded or submitted while filing the Udyog Aadhaar Memorandum, but the Central Government or the State Government or such person as may be authorized in this behalf may seek documentary proof of information provided in the Udyog Aadhaar Memorandum, wherever necessary.

Benefits of Udyog Aadhar Registration

• After registering their MSME, the applicant will receive the benefits of all the government schemes such as an easy loan, loan without guarantee, loans with subsidized rates of interest etc.
• The applicant will receive financial support for participating in foreign expos to showcase their products.
• The applicant will also be eligible for government subsidies.
• Registration would facilitate hassle-free opening of current bank accounts in the name of the business.
• It would also allow businesses to apply for government micro business loans and other such related beneficial schemes