Business Standard

Sunday, December 29, 2024 | 09:40 AM ISTEN Hindi

Notification Icon
userprofile IconSearch

Wholesalers, retailers to be included under MSME sector: Nitin Gadkari

Union Minister Nitin Gadkari on Friday has issued an order to revise the definition for Micro, Small and Medium Enterprises by including retailers and wholesale traders under the MSMEs

Nitin Gadkari, Road Transport  and Highways Minister

Nitin Gadkari

ANI General News

Union Minister Nitin Gadkari on Friday has issued an order to revise the definition for Micro, Small and Medium Enterprises by including retailers and wholesale traders under the MSMEs to extend the benefits of the priority sector lending to them.

The existing definition of MSMEs includes manufacturing and service enterprises whereas retail and wholesale trade was not classified under the same.

Union Minister Nitin Gadkari tweeted regarding the revised definition of MSMEs and said that it 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 extending to them the benefit of priority sector lending under RBI guidelines," Gadkari's tweet read.

 

"Under the leadership of PM Narendra Modi Ji, we are committed to strengthening MSME and make their engines for economic growth. The revised guidelines will benefit 2.5 Cr Retail and Wholesale Traders," he added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jul 02 2021 | 10:07 PM IST

Explore News