Chief Minister Yogi Adityanath welcomed Prime Minister Narendra Modi’s decision to include retail and wholesale trade under the ambit of MSME (micro, small, and medium enterprises). “Under the able guidance of the prime minister, today retail and wholesale businesses have been included as MSME, which is called the growth engine of the economy,” Yogi said
Thanking the prime minister, Yogi tweeted, "This decision fulfills the mantra Sabka Saath, Sabka Vikas, Sabka Vishwas."
Union Minister for Micro, Small, and Medium Enterprises, Nitin Gadkari, announced on Friday that retail and wholesale trade were being included under MSMEs, which would enable small traders to enjoy the benefit of priority sector lending under the guidelines of the Reserve Bank of India (RBI).
Gadkari later took to Twitter and posted, “Keeping in mind the impact on retail and wholesale traders due to the second wave of COVID-19, it has now been decided to bring it under the purview of MSME. Efforts are being made to provide financial assistance to such traders by bringing this sector under priority sector lending.”
“Now retail and wholesale traders will also be able to register enterprises, and more than 2.5 crore traders will get the benefit of this scheme. Under Prime Minister Narendra Modi's leadership, we are committed to making MSME the engine of economic growth of the country," the Union MSME minister said in another tweet.
Earlier on Friday, Prime Minister Narendra Modi also took to Twitter and posted, "Our government has taken a landmark step of including retail and wholesale trade as MSME. This will help crores of traders get easier finance and various other benefits, and also help boost their business. We are committed to empowering our traders."
“It really is great news for the small traders as now under the revised guidelines, retail and wholesale businesses will also get the benefit of getting loans under priority sector as per RBI guidelines. This decision of including retail and wholesale trade will benefit lakhs of retail and wholesale traders of Uttar Pradesh,” said a government spokesman in Lucknow on Saturday.