scorecardresearch
Follow Us:
Friday, July 23, 2021

Retail, wholesale trade brought under MSMEs: Gadkari

“Now under the revised guidelines, retail and wholesale trade will also benefit from priority sector lending under RBI guidelines,” MSME minister Nitin Gadkari said.

By: ENS Economic Bureau | New Delhi |
July 3, 2021 6:37:21 am
Nitin Gadkari

MSME minister Nitin Gadkari on Friday announced inclusion of retail and wholesale trade under MSMEs as per which they will also now get the benefit of priority sector lending under RBI guidelines. He said the retail and wholesale trade sector was left out of the ambit of MSMEs (micro, small and medium enterprises).

“Now under the revised guidelines, retail and wholesale trade will also benefit from priority sector lending under RBI guidelines,” the Minister added.

In a tweet, he said the government is committed to strengthening MSMEs and make them engines of economic growth.

The revised guidelines will benefit 2.5 crore retail and wholesale traders. The move would also allow them to register on Udyam portal.

Commenting on the development, Confederation of All India Traders (CAIT) said, with this decision, traders will be able to avail requisite finances from banks and financial institutions under priority sector lending.

Besides, now the traders can avail the benefits of several other government schemes for MSMEs, it said in a statement.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
Advertisement

Advertisement
Advertisement
Advertisement