New Delhi: In a major move to support traders in the country, the government has revised guidelines for micro, small and medium enterprises (MSME) to bring retail and wholesale trade under their ambit.
Noting that retail and wholesale trade were left out of the ambit of MSMEs, Union MSME Minister Nitin Gadkari, in a string of tweets, said: “Under the revised guidelines, MSME has issued order to include retail and wholesale trade as MSME and extending to them the benefit of priority sector lending under RBI guidelines.”
“Under the leadership of PM Narendra Modi, we are committed to strengthening of MSME and make them engines for economic growth. The revised guidelines will benefit 2.5 Cr Retail and Wholesale Traders.”
With the revised guidelines, the retail and wholesale trades will be now be allowed to register on Udyam portal.
In a statement in response to the decision, the Confederation of All India Traders (CAIT) said that the traders of the country are in a jubilant mood because of their inclusion under the definition of MSME.
CAIT Secretary General Praveen Khandelwal said the decision of the government will benefit about more than eight crore small businesses of the country.
Resurgent India Managing Director Jyoti Prakash Gadia described the move as a path-breaking decision, which will have a positive and lasting impact on the economy.
“This will enable them to become a major part of the mainstream economy facilitated by the availability of credit from banks on a priority basis at cheaper rates,” he said.
Related Posts
Bajaj Auto’s net profit rises to Rs 2,011 crore in Q4, declares dividend of Rs 80 per share
Infosys posts 30 per cent jump in Q4 net profit, declares dividend of Rs 20 per share
Google sacks 28 employees involved in protests over Israel govt contract