PM Narendra Modi (AFP photo)
Union Minister Nitin Gadkari had announced the inclusion of retail and wholesale trade under MSMEs (Micro, Small and Medium Enterprises), according to which traders will now get the benefit of priority sector lending under the RBI guidelines.
Prime Minister Narendra Modi On Saturday, the decision to include retail and wholesale trade as MSMEs was described as a ‘landmark’. This will give traders the benefit of priority sector lending, and the PM said his government is committed to empowering the community.
“Our government has taken a historic step of incorporating retail and wholesale trade as MSMEs. This will help our crores of traders to get easy finance, various other benefits and will also help in promoting their business,” Prime Minister Narendra Modi tweeted.
Our government has taken a historic step to include retail and wholesale trade as MSMEs. This will help our crores of merchants to get easy finance, various other benefits and will also help in promoting their business. We are committed to empowering our merchants. https://t.co/FTdmFpaOaU
— Narendra Modi (@narendramodi) 3 July 2021
The move has an immediate impact on small retailers and wholesalers with a turnover of up to Rs 250 crore in availing immediate term finance under various schemes announced under Atma Nirbhar Bharat.
However, retail and trade associations have welcomed the move and said that it will help traders in getting access to much needed capital due to the COVID19 pandemic. Several measures announced for the MSME sector in the last one year will now be applicable to retail and wholesale traders as well.
The landmark decision will also have a structural impact on the sector, helping to formalize it by offering better finance options for businesses that want to be structured. It will give the support to retail MSMEs that they need to survive, revive and thrive.
Union Minister Nitin Gadkari on Friday announced the inclusion of retail and wholesale trade under MSMEs (Micro, Small and Medium Enterprises), according to which traders will now get the benefit of priority sector loans under the guidelines of RBI.
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