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.
( With inputs from ANI )
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