A micro, small and medium enterprise (MSME) will now be known as Udyam as per the notification issued by the Ministry of MSME on 26 June 2020.

The ministry has also come up with detailed criteria for the classification of MSMEs and the procedure for registration and the arrangements made by the ministry for facilitation in this process.

It further stated that the registration process will be known as Udyam Registration.

The MSME Ministry notified that Udyam Registration can be filed online based on self-declaration with no requirement to upload documents, papers, certificates or proof.

 An enterprise can be registered just on the basis of Aadhaar number. The new online registration will be made available from 1 July 2020.

A micro enterprise, where the investment in plant and machinery or equipment does not exceed one crore rupees and turnover does Not exceed five crore rupees

A small enterprise, where the investment in plant and machinery or equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees

A medium enterprise, where the investment in plant and machinery or equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees.