Nagpur: Union Minister Nitin Gadkari on Friday announced that the Narendra Modi-led BJP Government at the Centre revised MSME guidelines to include retail and wholesale trades under its ambit. This move will benefit 2.5 crore retail and wholesale traders as they will get access to priority sector lending as per the RBI guidelines.
Gadkari said, “Under the leadership of Prime Minister Mod, we are committed to strengthening MSME and making them engines for economic growth. The revised guidelines will benefit 2.5 crore retail and wholesale traders. 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,” the Minister said.
The development assumes significance in the backdrop of difficulties faced by retail and wholesale traders during the Covid 19 second wave. By giving priority sector lending to retail and wholesale traders, the government aims to provide economic assistance to them during these difficult times. Gadkari stated.