With more than 30% contribution to the total Gross Value Added, one-third stake in the country’s total manufacturing Gross Value of Output and a workforce of more than 11 crore people, nothing about the Micro, Small and Medium sector in India’s economy seems micro, small or medium. The 73rd round of NSSO found 633.88 lakh unincorporated non-agriculture MSMEs in India engaged in different economic activities. However, total MSME registrations under the government-notified Udyog Aadhaar Memorandum (UAM) was only 1.02 crore. The UAM was replaced on 1 July 2020 by Udyam Registration, which is more simplified and free of cost. Till 31 March 2021, only 26.42 lakh MSMEs had registered on the Udyam registration portal. Hence, the majority of MSMEs still remain outside the purview of the organised sector and the ambit of the myriad Central and state government schemes meant for supporting them.