In a move that will benefit 2.5 crore retail and wholesale traders, the Centre on Friday announced that these traders will be brought under the ambit of Micro, Small & Medium Enterprises (MSME). The move is to ensure that they get benefit of priority sector lending under the Reserve Bank of India (RBI) guidelines. The announcement was made by the Minister of Road Transport & Highways, Micro, Small & Medium Enterprises, Nitin Gadkari on Friday, July 2, 2021. 

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Informing about it, Nitin Gadkari took to twitter and posted, "Retail and wholesale trade were left out of the ambit of MSME. Under the revised guidelines, MSME has issued order to include retail and wholesale trade as MSME and extending to them the benefit of priority sector lending under RBI guidelines. #MSMEGrowthEngineOfIndia." 

The development assumes significance in 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.  

In another tweet, he said, the government aims to make MSME engines for economic growth.  " Under the leadership of PM Shri Narendra Modi Ji, we are committed to strengthening of MSME and make them engines for economic growth. The revised guidelines will benefit 2.5 Cr Retail and Wholesale Traders. #MSMEGrowthEngineOfIndia," said  Micro, Small & Medium Enterprises Minister.