GOVT SCHEMES, POLICY

Big announcement of Modi government, MSME status will be given to retail and wholesale traders

Posted on by udyamita
04
Jul

This decision of the government will benefit more than 2.5 crore traders. He said that the Modi government is committed to make MSMEs the engine of economic growth of the country.

New Delhi. The central government made a big announcement on Friday to recover from the losses caused to the retail and wholesale traders of the country due to the corona virus epidemic. The central government has now decided to include the retail and wholesale traders of the country in the micro, small and medium enterprises. MSME Minister Nitin Gadkari said that keeping in view the impact on retail and wholesale traders due to the difficulties caused by the second wave of Kovid-19, it has now been decided to bring it under the ambit of MSME.

Gadkari said that efforts are being made to provide financial assistance by bringing this sector under priority sector lending . Now retail and wholesale traders will also be able to register the enterprise. This will ensure that they get cheaper priority sector credit from banks as per RBI guidelines. The Ministry of Micro, Small and Medium Enterprises has issued a notification for the inclusion of retail and wholesale business in MSMEs. This decision of the government will benefit more than 2.5 crore traders. He said that the Modi government is committed to make MSMEs the engine of economic growth of the country.

Industry organizations have termed the government’s decision to bring retail and wholesale trade under the purview of micro, small and medium enterprises (MSMEs). It says that this will also enable retail and wholesale business to get priority category loans from banks and financial institutions. Terming it as a historic decision, industry organizations said that this would give relief to the business sector facing difficulties due to the epidemic.

The Retailers Association of India (RAI) said that this will provide the necessary support to the retail micro, small and medium enterprises (MSMEs) for their rescue, revival and growth. RAI Chief Executive Officer (CEO) Kumar Rajagopalan said this historic decision will have a structural impact on the sector. This will provide better finance options to the sector, which will enable it to get organized.

The Confederation of All India Traders (CAT) said that after this decision, traders will come under the category of MSMEs and they will be helped in raising priority sector loans from banks and financial institutions. CAT National President BC Bhartia and General Secretary Praveen Khandelwal said that apart from this, traders will be able to get the benefits of various other government schemes, which have been available to the MSME category. He said that with this the traders affected by the epidemic will be able to restore their business by raising the necessary funds from the banks.

udyamita