Retail, wholesale trade in MSME segment a 'landmark' decision: PM Modi
New Delhi: Prime Minister Narendra Modi described as "landmark" the decision to include retail and wholesale trade as MSMEs, which will allow traders benefits of priority sector lending, says his government is committed to empowering the community.
Four years after excluding it from the Micro, Small and Medium Enterprises (MSME) segment, the government on Friday reinstated retail and wholesale trade in the category, making entities eligible for priority sector funding and special liquidity scheme from banks.
Minister of MSME and Road Transport and Highways Nitin Gadkari on Friday announced revised guidelines for MSMEs with the inclusion of Retail and Wholesale trades as MSMEs.
In a Tweet he said under the leadership of PM Shri Narendra Modi Ji, we are committed to the strengthening of MSME and make them engines for economic growth. Gadkari 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.
With the revised guidelines the Retail and wholesale trades will be now be allowed to register on Udyam Registration Portal.
