Effective microorganisms such as bacteria, fungi and azotobacters can be suitable biofertilizers. Apart from this a large number of microorganisms can also be suitable biofertiñizers. 

Effective Microorganisms (EM) are mixed cultures of beneficial naturally-occurring organisms that can be applied as inoculants to increase the microbial diversity of soil ecosystem. They consist mainly of the photosynthesizing bacteria, lactic acid bacteria, yeasts, actinomycetes and fermenting fungi. These microorganisms are physiologically compatible with one another and can coexist in liquid culture. There is evidence that EM inoculation to the soil can improve the quality of soil, plant growth and yield (Kengo and Hui-lian, 2000).

http://permaculturenews.org/2016/01/19/what-are-effective-microorganisms/

Bio-fertilizers are microorganism which increase the soil fertility and promote the plant growth. 

https://www.researchgate.net/publication/296701342_Plant_Growth_Promoting_Rhizobacteria_A_Sustainable_Approach_to_Agro-ecosytstem?_iepl%5BviewId%5D=I8cHENBNtN7BFYbm8hNZCMO9&_iepl%5BprofilePublicationItemVariant%5D=default&_iepl%5Bcontexts%5D%5B0%5D=prfpi&_iepl%5BinteractionType%5D=publicationTitle

Chapter Plant Growth Promoting Rhizobacteria: A Sustainable Approach...

https://www.researchgate.net/publication/269098466_Role_of_Plant_Growth-Promoting_Rhizobacteria_and_Their_Formulation_in_Biocontrol_of_Plant_Diseases

Chapter Role of Plant Growth-Promoting Rhizobacteria and Their Formu...

https://www.researchgate.net/publication/274316111_Rhizobacteria_A_boon_for_Agriculture

Chapter Rhizobacteria: A boon for Agriculture

Effective Microorganisms, or EM is one of the most popular microbial technologies being used world-wide now and EM products have been on the market since 1983 in Japan.EM comes in a liquid form and consists of naturally-occurring beneficial microorganisms. EM is now produced in many countries and uses the strains of the appropriate microorganisms that occur naturally to the region.Throughout the world, EM applications are made in the farming, livestock, environmental cleanup (polluted waterways, lakes and lagoons), and health industries.What EM is not, is harmful, pathogenic, genetically-engineered/modified (GMO), nor chemically-synthesized. Neither is EM a drug or fertiliser

Researches have shown that applying EM to the soil/plant ecosystem can improve soil quality, soil health, and the  plant growth, yield, and quality of crops. These microorganisms have a reviving action on growing systems and are completely safe to use, making EM the perfect biological farming tool. EM works for soil the way yoghurt works for our bodies - increasing the beneficial microorganisms which will improve soil health and function. EM contains microbes that can enhance the natural fertilising processes within the soil and act as a bio-stimulant increasing the resident nitrogen fixation capacity directly through the stimulation of N fixing bacteria, and indirectly by increasing clover growth, increasing mycorrhizal activity and reducing the need for fertiliser inputs, whilst maintaining levels of production. On the other hand , a product made out of EM,  frequently called biofertilizers , have  no guarantee of extent to which it contains the live cells...  

EM works for soil, increasing the beneficial microorganisms. It considerably improves the quality and fertility of soil as well as the growth and quality of crops. EM is one of the most modern and popular microbial technologies such as PGPR. In my mind, I'm considered EM as biofertilizer in agriculture

Kindly check attached paper

Article Impact of Three Strains of Bacillus as Bio NPK Fertilizers a...

Article Efficiency of Pseudomonas fluorescens as Plant Growth-Promot...

81

Hi Waqas

Some references in attachment is useful for you 1

https://www.em-la.com/archivos-de-usuario/base_datos/em_growth_brassica_rapa.pdf

2

http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.839.688&rep=rep1&type=pdf

3

https://scialert.net/fulltext/?doi=pjbs.2015.129.134

4

https://www.journal.au.edu/au_techno/2008/apr08/journal114_article02.pdf

5

https://www.emnz.com/faqs.cfm

6

https://onlinelibrary.wiley.com/doi/10.1002/jpln.200800021/abstract

7

https://www.gardenerspantry.ca/microorganisms/effective-microorganisms.html

8

https://agritech.tnau.ac.in/org_farm/orgfarm_biofertilizertechnology.html

9

https://dergipark.gov.tr/download/article-file/119591

10

http://ir.unimas.my/7532/1/Formulation%20and%20testing%20of%20locally%20isolated%20effective%20microbes%20for%20the%20development%20of%20biofertilizers%20%20(24pgs).pdf

11

https://www.bioline.org.br/pdf?cj11019

12

https://www.idosi.org/aejaes/jaes13(11)13/6.pdf

13

https://www.mdpi.com/2077-0472/2/1/73/pdf

14

http://infrc.or.jp/english/KNF_Data_Base_Web/PDF%20KNF%20Conf%20Data/C1-5-015.pdf

Chapter 23: PGPR: A Good Step to Control Several of Plant Pathogens

Chapter PGPR: A Good Step to Control Several of Plant Pathogens

Good Luck

https://www.em-la.com/archivos-de-usuario/base_datos/em_growth_brassica_rapa.pdf