Ministry of Micro, Small and Medium Enterprises has decided to include Retail and Wholesale trade as MSMEs but only for the limited purpose of Priority Sector Lending. This means that these segments of businesses can now take loans under the Priority Sector Lending arrangement under the MSME category. According to the Retailers Association of India (RAI), this will give retail micro, small and medium enterprises (MSMEs) the support they need to survive, revive and thrive.
These Retail and Wholesale traders can now register on Udyam Registration Portal. It is a portal by the Government of India for the registration of MSMEs.
The registration will be allowed under three categories:
- Wholesale and retail trade and repair of motor vehicles and motorcycles.
- Wholesale trade except for motor vehicles and motorcycles.
- Retail trade except for motor vehicles and motorcycles.