MSME Standards Are Being Revised By The Government To Encompass Retail And Wholesale Businesses.
Nitin Gadkari, the Minister of Micro, Small and Medium Enterprises (MSME) and Road Transport and Highways, announced amended MSMEs guidelines on 3 rd July,2021 , including the inclusion of retail and wholesale trades as MSMEs. The updated norms, according to Gadkari, will help 2.5 million retail and wholesale businesses. He explained that retail and wholesale trade had previously been excluded from MSME coverage, but that under the amended criteria, retail and wholesale commerce will now be eligible for priority sector funding under the Reserve Bank of India’s (RBI) guidelines. “We are determined to bolstering MSME and transforming them into engines of economic growth,” he added. Manufacturing and service firms are included in the existing definition of MSMEs, however retail and wholesale commerce are not. The main objective of this amendment is to allow the traders to take advantage of a number of additional government programmers for MSMEs, as well as the necessary funds from b...