Retailers and wholesalers, who are facing difficulties due to the second wave of Corona, have got a big relief from the government. It has announced to bring retail and wholesale business under the purview of MSME i.e. Micro, Small, and Medium Enterprises. Union Minister Nitin Gadkari has given information about this through a tweet.
Nitin Gadkari has said that wholesale and retail traders will now be able to take loans easily under priority sector lending. About 2.5 crore retail and wholesale traders will benefit from this decision of the government. There are provisions from the Reserve Bank (RBI) to provide loans to priority sectors like MSMEs on easy terms. Gadkari in his tweet described MSME as the engine of sector growth. He said, 'In view of the trouble caused to the retail and wholesale traders by the second wave of Kovid, they have been brought under the purview of MSME. Efforts are being made to provide them financial assistance through priority sector lending.
The Confederation of All India Traders (CAIT) has described the decision to bring retail trade under the purview of MSME as a big and historic step. CAIT National President BC Bhartia and National General Secretary Praveen Khandelwal said that the institution was raising this issue continuously for more than a year.
He said that crores of small traders of the country would benefit from the government's decision. Coming in the MSME category, they will be able to take cheaper loans from banks and financial institutions under priority sector lending. Small traders will also be able to take advantage of other government schemes being provided to MSMEs. According to CAIT, the business community of the country is providing employment to about 40 crore people and doing an annual business of about Rs 115 lakh crore.
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