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PM calls decision to include retail and wholesale trade in MSME as landmark

The move will have an immediate impact on smaller retailers and wholesalers with businesses up to Rs 250 crore of turnover in availing immediate-term finance as part of various schemes announced under Atmanirbhar Bharat.  

PM calls decision to include retail and wholesale trade in MSME as landmark
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New Delhi, First Published Jul 3, 2021, 10:41 AM IST
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Prime Minister Narendra Modi on Saturday to hail the landmark step taken by the Union government to include retail and wholesale trade as Micro, Small and Medium Enterprises. 

The Prime Minister said that the measure would help crores of traders get easier finance and various other benefits and boost their business. 

The decision was announced on Friday by MSME and Road Transport and Highways Minister Nitin Gadkari. 

In a post on Twitter, Gadkari said that the government is committed to strengthening MSME and make their engines for economic growth. 

Gadkari said the decision would benefit 2.5 crore retail and wholesale traders. They will be now be allowed to register on Udyam Registration Portal. 

The move will have an immediate impact on smaller retailers and wholesalers with businesses up to Rs 250 crore of turnover in availing immediate-term finance as part of various schemes announced under Atmanirbhar Bharat.  

He also said that the revised guidelines would ensure that retail and wholesale trade will get the benefit of priority sector lending under RBI guidelines.

Retail and trade associations welcomed the move, saying that this will enable traders to get access to much-needed capital, having been impacted greatly due to the Covid-19 pandemic. Several measures announced for the MSME sector over the past year will now be applicable to retail and wholesale traders as well.

This landmark decision will have a structural impact on the sector, helping it get formalised by giving better finance options for businesses that want to get structured. It will give retail MSMEs the support they need to survive, revive and thrive.

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