Centre brings wholesale, retail trades under MSME ambit

New Delhi: The Union Government revised guidelines for micro, small and medium enterprises (MSME) to bring the retail and wholesale trade within their ambit, reports The News Minute. Regarding the significant move to support traders of the country, Union MSME minister Nitin Gadkari tweeted that MSME has issued an order to include retail and wholesale trade as MSME. The minister added that under new guidelines, MSME is extending the retail and wholesale traders benefit of priority sector lending under RBI guidelines.

Gadkari further said in his chain of tweets that under the leadership of PM Modi, the government is committed to the strengthening of MSME and will turn them into engines of economic growth. He added that the revised guidelines would benefit 2.5 Cr retail and wholesale traders. Also, both the trade will be now allowed to register on the Udyam portal.

The Confederation of All India Traders (CAIT) responded in a statement that the country's traders are happy because of the MSME's new decision. CAIT spokesperson Praveen Khandelwal added that this would benefit more than eight crore small businesses across the country.

Jyoti Prakash Gadia, Managing Director of Resurgent India (a merchant bank), said that the MSME made a pathbreaking decision. The decision would have a positive and lasting impact on the economy, he said. According to him, the new reforms will enable wholesale and retail traders to become a significant part of the mainstream economy facilitated by credit availability from banks on a priority basis and at cheaper rates.