Udyam initiative represents a significant step towards creating a level-playing field for MSMEs through digital inclusion. Explain (200 Words)
Refer - Financial Express
Enrich the answer from other sources, if the question demands.
IAS Parliament 3 years
KEY POINTS
· Udyam allows MSMEs to auto-register in the Government e-Marketplace (GeM), which facilitates online procurement of common-use goods and services by various government departments, organisations and PSUs.
· Registration provides MSMEs with an equal opportunity to access and sell to the B2G market segment.
· MSMEs registered with Udyam can also participate as sellers on one of the three Trade Receivables Discounting System (TReDS)—Receivables Exchange of India (RXIL), M1Xchange and Invoicemart.
· Despite some compensatory provisions under the MSMED Act, 2006, the issue of delayed payments remains a critical challenge for MSMEs.
· Udyam-registered MSMEs can take advantage of the Samaadhan portal, a delayed payment redressal platform, to resolve their outstanding issues in a more streamlined and time-bound manner.
· Udyam registration also simplifies availing of financial assistance from central and state government financial institutions.
· The Udyamportal, with its interlinking to GST and TReDS platforms, can provide the relevant data to carry due diligence exercises by the financial institutions.
· Udyam registration can be tied to availing of special tax incentives for early-bird registrations, or used as an eligibility criterion for interest subvention schemes.
· The government must become more sensitive to the apprehensions of the MSMEs and act, even while it laudably intends to mainstream the enterprises within the formal systems.
Dimpee Sonowal 3 years
Please review
IAS Parliament 3 years
Good attempt. Keep Writing.
K. V. A 3 years
Kindly review
IAS Parliament 3 years
Good attempt. Keep Writing.
