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Traders in jubilant mood on inclusion under MSME category

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Mail News Service

Jamshedpur, July 2: “The traders of the Country are in a jubilation mood today because of their inclusion under the definition of MSME. We offer our deep gratitude to Prime Minister Narendra Modi and MSME Minister Nitin Gadkari for taking such a big step for the business community of the Country.

Nevertheless, the traders of India shall remain grateful to Union Commerce Minister Piyush Goyal who became a staunch advocate for the trading community and played a role of catalyst in such a fabulous decision,” said Praveen Khandelwal, Secretary General and Suresh Sonthalia, National Secretary of the Confederation of All India Traders (CAIT) which has been raising this issue continuously since last more than a year.

This decision of the Government will benefit about more than 8 crore small businesses of the Country.

Khandelwal and Sonthalia said that with this decision, the traders will fall under the MSME category and will be able to avail requisite finances from the banks and financial institutions under Priority Sector Lending. Besides, now the traders will also be enjoying several other benefits of various other Government schemes which are being enjoyed by the MSME category.

Sonthalia National Secretary of the CAIT jointly said that today is a very big day for the business community of the Country which is providing employment to about 40 crore people and generating an annual turnover  of Rs.115 lakh crore.

Singhbhum Chamber of Commerce & Industry General Secretary Bharat Vasani said, “The covid pandemic affected traders will now be able to restore their businesses by obtaining necessary finances from the banks which were earlier denied by the Banks. This step of the Government will prove to be a milestone step in reviving not only the economy but even the most vibrant retail trade of India.”

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