Boosting retail businesses
The Central Government’s decision to classify retail and wholesale businesses as Micro, Small, and Medium Enterprises (MSMEs) appears to be beneficial to all parties involved.
The amended guidelines will boost 2.5 million retail and wholesale organizations and would allow them to register as MSMEs on the Udyam Registration Portal. This also contributes to the increase of the RBI’s priority sector lending criteria.
Manufacturing and service firms were previously included in the existing definition of MSMEs, but retail and wholesale commerce were not. We hope that the decision would help the retail and wholesale sectors, allowing them to create more jobs across the country by providing customers with standard services and commodities.
Amit Singh Kushwaha, Satna (MP)
KV Network
