Government Revises MSME Guidelines - Includes Retailers and Traders
Minister of Micro, Small and Medium Enterprise (MSME) and Road Transport and Highways Nitin Gadkari on Friday announced revised guidelines for MSMEs with the inclusion of retail and wholesale trades as MSMEs. Gadkari said that the revised guidelines will benefit 2.5 crore retail and wholesale traders.
With the revised guidelines the retail and wholesale trades will now be allowed to register on the Udyam Registration Portal.
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In a tweet, the minister said, ”Retail and wholesale trade were left out of the ambit of MSME. Under the revised guidelines, MSME has issued an order to include retail and wholesale trade as MSME and extend to them the benefit of priority sector lending under RBI guidelines.”
He said retail and wholesale trade were left out of the ambit of MSME, and now under the revised guidelines, retail and wholesale trade will also get the benefit from priority sector lending under the Reserve Bank of India (RBI) guidelines.
The existing definition of MSMEs includes manufacturing and service enterprises whereas retail and wholesale trade was not classified under the same.
Earlier this week, while announcing several relief measures, Finance Minister Nirmala Sitharaman increased the limit under the Emergency Credit Line Guarantee Scheme (ECLGS) by 50\% to ₹4.5 lakh crore to help small businesses get credit at a concessional rate.