India Prime Minister Narendra Modi today (July 3) described as "landmark" the decision to include retail and wholesale trade as MSMEs (micro, small and medium enterprises), which will permit traders the advantages of priority sector lending, and said his government is committed to empowering the community.
In a message on Twitter, the prime minister noted, ''Our government has taken a landmark step of including retail and wholesale trade as MSME. This will help crores of our traders get easier finance, various other benefits and also help boost their business. We are committed to empowering our traders.'' Official sources said the move will have an immediate impact on smaller retailers and wholesalers with businesses up to Rs 250 crore of turnover in availing immediate-term finance as part of various schemes announced under ''Atmanirbhar Bharat'' program.
This landmark decision will have a structural impact on the sector, helping it get formalized by giving better finance options for businesses that want to get structured, they said, adding it will give retail MSMEs the support they need to ''survive, revive and thrive''. Retail and trade associations have welcomed the move, saying it will enable traders to get access to much-needed capital having been impacted greatly due to the COVID-19 pandemic.
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