| Retail, wholesale trade to get MSME status, traders welcome GoI’s move | | | 
Early Times Report
Jammu, July 3: Traders Federation Ware House Nehru Market welcomed the right move of the government of India by revising its guidelines for micro, small and medium enterprises (MSME) to include retail and wholesale trade.
An urgent meeting was held at the Federation Office on Saturday under the presidentship of Deepak Gupta in which traders welcomed this move of the Government. Gupta said that with this announcement, lakhs of retail and wholesale traders under MSMEs will also now get the benefit of priority sector lending under RBI guidelines. “Jammu’s business sector is facing tough times particularly wholesalers as nobody talks about them. We have been raising this issue in different platforms before the government, finally now the government has paid heed,” he said adding that “with bringing retail, wholesale trade under MSME guidelines, there is a hope that this sector would also see a growth.”
He said that this decision of the government would benefit thousands of traders in Jammu. Gupta said now traders will get Bank loans on 1.5% lesser interest rate. Government departments will pay their bills within 45 days and there will be no earnest money deposit requirement for any tender. It will help a lot to boost the trade.
Gupta said that retail and wholesale trading activities were earlier classified as MSMEs. However, such activities were removed in 2017 from the Micro and Small enterprises sector. Its rationale was that they are neither manufacturing units nor service units. This prevented them from obtaining the UdyogAadhaar Memorandum (which is called MSME registration). However, with revised guidelines the retail and wholesale trades will now be able to register on the Udyam Registration Portal. He said that the traders of Jammu are in a jubilant mood because of their inclusion under the definition of MSME.
Those who were present in the meeting include Munish Mahajan, Sr. Vc. President, Abhimanyu Gupta, Vc. President, Sham lal Langer, General Secretary, Vishal Gupta, Secretary and Amit Gupta, cashier, Sham Lal Gupta, former Sr. Vc. President and Dheeraj Gupta, former Sr. Vc. President of the Federation.
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