Retail and Wholesale traders to be included as MSMEs
New Delhi, July 2, 2021
Minister of MSME Nitin Gadkari today announced revised guidelines for Micro, Small and Medium Enterprises (MSMEs) with the inclusion of Retail and Wholesale trades in the category.
The Minister, in a Twitter post, said the Government was committed to the strengthening of MSMEs and making them engines for economic growth.
He said the revised guidelines would benefit 2.5 crore retail and wholesale traders. Earlier, retail and wholesale trade were left out of the ambit of MSME. Now, under the revised guidelines, this sector will also get the benefit of priority sector lending under RBI guidelines.
The revised guidelines will allow retail and wholesale traders to register their units on the Udyam Registration Portal. It will enable them to derive various benefits including getting government tenders, cheaper loans from banks that could be up to 1.5% lower than the interest on regular loans and also tax rebates, an official press release added.