Retail, wholesale enterprises are now MSMEs, can avail priority sector lending

The government has revised the guidelines for micro, small and medium enterprises (MSMEs) by including retail and wholesale entities in the category of MSMEs.

In a tweet yesterday, MSME Minister Nitin Gadkari said that under the leadership of Prime Minister Narendra Modi the government is committed to the strengthening of MSME and making them engines for economic growth.

Gadkari said the revised guidelines will benefit 2.5 crore retail and wholesale traders. He said retail and wholesale trades were left out of the ambit of MSMEs. Now that they are under the revised guidelines, retail and wholesale traders will get the benefit of priority sector lending under RBI guidelines.

With the revised guidelines, the retail and wholesale enterprises will be also be allowed to register on the Udyam Registration Portal.