Union Minister Nitin Gadkari has announced inclusion of retail and wholesale trade under Micro, Small and Medium Enterprises (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 MSME, now under the revised guidelines, retail and wholesale trade will also benefit from priority sector lending under RBI guidelines.
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. Further, now the traders can avail the benefits of several other government schemes for MSMEs, it said in a statement.