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Retail, Wholesale Traders Now Get MSME Tag

Retail, Wholesale Traders Now Get MSME Tag

Prime Minister Narendra Modi has termed the decision to bring retail and wholesale business under MSME as historic. He said that his government is committed to empower this community. Due to the decision to bring retail and wholesale business under MSME, retail and wholesale traders will also be able to get loans from banks and financial institutions in priority category.

Union MSME Minister Nitin Gadkari had announced on Friday to bring retail and wholesale trade under MSME. With this, these areas will be able to avail loans under the priority category of banks as per the guidelines of the Reserve Bank of India (RBI).

PM Modi tweeted on Saturday, “Our government has taken a historic step to include retail and wholesale trade in MSMEs. This will help crores of our traders to get loans easily. They will get many other benefits and their business will also get benefited.” Will get a boost. We are committed to empower our merchants.”

Official sources said that this decision of the government will have an immediate impact on small retailers and wholesalers with a turnover of up to Rs 250 crore. They will be able to get instant loans under various schemes announced under the self-reliant India program. Retail and trade associations have also welcomed the move and said that it will help the traders badly affected due to Covid-19 get the capital which they need a lot.

Recently, the Global Alliance for Mass Entrepreneurship (GAME) and Small Industries Development Bank of India (SIDBI) have collaborated to help the Micro, Small and Medium Enterprises (MSMEs) meet the challenges caused by the pandemic. Have just signed an agreement. In a statement issued last Sunday, it said that the broad themes involved in the partnership include increasing the availability of credit, creating competitive groups, reforming the legal structure for ease of doing business, among others. It said that both the organizations have committed that 25 percent of the entrepreneurs who will benefit from the partnership will be women entrepreneurs.

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