MSME minister Nitin Gadkari on Friday introduced inclusion of retail and wholesale commerce underneath MSMEs as per which they can even now get the advantage of precedence sector lending underneath RBI tips. He stated the retail and wholesale commerce sector was ignored 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 stated the federal government is dedicated to strengthening MSMEs and make them engines of financial development.
The revised tips will profit 2.5 crore retail and wholesale merchants. The transfer would additionally enable them to register on Udyam portal.
Commenting on the event, Confederation of All India Traders (CAIT) stated, with this choice, merchants will be capable of avail requisite funds from banks and monetary establishments underneath precedence sector lending.
Besides, now the merchants can avail the advantages of a number of different authorities schemes for MSMEs, it stated in an announcement.
