New Delhi:The government on Friday 2nd June has again reconsidered guidelines for micro,small and medium enterprises (MSME) to bring retail and wholesale under their ambit in a wide way of movement to support traders in the country.
In a string of tweets Union MSME Minister Nitin Gadkari said that Nothing that retail and wholesale trade were left out of the ambit of MSMEs.
“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.”
In the revised guidelines, the Ministry of MSME has issued an order to include retail and wholesale trade as MSME and extending to them the benefit of priority sector lending,” he said, adding that this would benefit 2.5 crore retail and wholesale traders, and they will now be able to register on the Udyam Registration Portal.
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