PM Modi says, Government takes landmark step of including retail and wholesale trade as MSME

New Delhi, June 03

Prime Minister Narendra Modi has said that the Government has taken a landmark step of including retail and wholesale trade as MSME. In a tweet, Mr Modi said, it will help crores of our traders get easier finance, various other benefits and also help boost their business. The Prime Minister said, Government is committed to empower the traders.

Minister of MSME Nitin Gadkari yesterday announced revised guidelines for MSMEs with inclusion of Retail and Wholesale trades as MSMEs. Mr Gadkari said under the leadership of Prime Minister Narendra Modi, Government is committed to strengthening of MSME and make them engines for economic growth.

The Minister said, the revised guidelines will benefit 2.5 Crore Retail and Wholesale Traders. He said Retail and wholesale trade were left out of the ambit of MSME, now under the revised guidelines, retail and wholesale trade will also get benefit of priority sector lending under RBI guidelines.

AIR Correspondent reports that the move has an immediate impact on smaller retailers & wholesalers with businesses up to Rs 250 crore of turnover in availing immediate-term finance as part of various schemes announced under Atmanirbhar Bharat.

Retail and trade associations have welcomed the move, saying that this will enable traders to get access to much-needed capital having been impacted greatly due to the COVID19 pandemic.

Several measures announced for the MSME sector over the past year will now be applicable to retail and wholesale traders as well.

This landmark decision will have a structural impact for the sector, helping it get formalised by giving better finance options for businesses that want to get structured. It will give retail MSMEs the support they need to survive, revive and thrive.

With the revised guidelines the Retail and wholesale trades will be now be allowed to register on Udyam Registration Portal.