Introduction :
Indian culture is highly rich in craftiness. Be it the making of clothes, pottery and metal work, intricate details of the product, or anything else, artisan businesses have always been at the core of rural Indian economies for centuries. However, because of this richness in heritage, these craft-based businesses generally fail to compete with others in contemporary markets. A lack of access to capital, poor digital literacy, and a lack of recognition formal or otherwise are the reasons that prevent such businesses from taking off.
It's where Udyam Registration comes into play. The Indian government has recently relaxed the process through which Micro, Small, and Medium Enterprises (MSMEs) can become formally registered under the Udyam initiative. This has opened doors to artisans, allowing them entry into supporting mechanisms that will finally help them compete in modern markets and more easily advance their businesses to the next level. Let's take a little deeper look at Udyam Registration as well as how it impacts artisans and small-scale craft-based businesses in the country.
• What is Udyam Registration?
At its most basic, Udyam Registration is an application process established by the government to make official business registration under the MSME category less of a hassle. Truth is, earlier on, businesses would have to go through exhausting paperwork and procedural bureaucratic processes just to be registered or recognized as MSMEs. However, with Udyam Registration, it has all been made less cumbersome, and all of them are put online and accessible to artisans and other small business owners who are not very technologically savvy.
These businesses get an Udyam Registration Certificate. A certificate ensures them the status of an MSME. Status is synonymous with whole sections of benefits for even the smallest businesses to gain momentum for growth and sustain it properly. Right from access to more government grants to loans that aren't too har