In a major relief to the Indian retail and wholesale traders, Union Minister for Micro, Small and Medium Enterprises (MSMEs), Nitin Gadkari, on 02 July, 2021 announced their inclusion under the MSME sector.
Ministry of Micro, Small and Medium Enterprises has decided to include Retail and Wholesale trade as MSMEs for the limited purpose of Priority Sector Lending and they would be allowed to be registered on Udyam Registration Portal for the following NIC Codes and activities mentioned against them:
45 Wholesale and retail trade and repair of motor vehicles and motorcycles
46 Wholesale trade except of motor vehicles and motorcycles
47 Retail trade except of motor vehicles and motorcycles
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
— Nitin Gadkari (@nitin_gadkari) July 2, 2021