Govt revises MSME guidelines to include retail & wholesale trades
Premium- Gadkari said that the revised guidelines will benefit 2.5 crore retail and wholesale traders
Minister of Micro, Small and Medium Enterprise (MSME) and Road Transport and Highways Nitin Gadkari on Friday announced revised guidelines for MSMEs with inclusion of retail and wholesale trades as MSMEs. Gadkari said that the revised guidelines will benefit 2.5 crore retail and wholesale traders.
With the revised guidelines the retail and wholesale trades will be now be allowed to register on Udyam Registration Portal.
MORE FROM THIS SECTIONSee All
In a tweet, the minister said, ''Retail and wholesale trade were left out of the ambit of MSME. 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.''
He said retail and wholesale trade were left out of the ambit of MSME, and now under the revised guidelines, retail and wholesale trade will also get benefit of priority sector lending under the Reserve Bank of India (RBI) guidelines. ''We are committed to strengthening of MSME and make them engines for economic growth,'' he added.
The existing definition of MSMEs includes manufacturing and service enterprises whereas retail and wholesale trade was not classified under the same.
Earlier this week, while announcing several relief measures, Finance Minister Nirmala Sitharaman increased the limit under the Emergency Credit Line Guarantee Scheme (ECLGS) by 50% to ₹4.5 lakh crore to help small businesses get credit at concessional rate.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!