New Delhi, July 14 -- More than 8.9 crore enterprises have been registered under the Udyam Registration Portal and the Udyam Assist Platform, extending formal recognition to micro, small and medium enterprises (MSMEs) and supporting employment for over 38 crore people, according to the Ministry of MSME.

The Ministry said the Udyam Registration Portal provides MSMEs with official recognition through a paperless, self-declaration-based online registration process, while the Udyam Assist Platform enables informal micro enterprises without GST or Income Tax registration to enter the formal economy through authorised partners such as banks and non-banking financial companies (NBFCs).

According to the Ministry, formal registration enables ent...