News Analysis India

Tag: Wholesale

  • Committed to empowering our traders: PM Modi on decision to include retail, wholesale trade as MSMEs

    By PTI
    NEW DELHI: Prime Minister Narendra Modi on Saturday described as “landmark” the decision to include retail and wholesale trade as MSMEs, which will allow traders the benefits of priority sector lending, and said his government is committed to empowering the community.

    Union Minister Nitin Gadkari had on Friday announced the inclusion of retail and wholesale trade under MSMEs (micro, small and medium enterprises) as per which the traders will now get the benefit of priority sector lending under RBI guidelines.

    In a tweet, the prime minister said, “Our government has taken a landmark step of including retail and wholesale trade as MSME. This will help crores of our traders get easier finance, various other benefits and also help boost their business. We are committed to empowering our traders.”

    Our government has taken a landmark step of including retail and wholesale trade as MSME. This will help crores of our traders get easier finance, various other benefits and also help boost their business.We are committed to empowering our traders. https://t.co/FTdmFpaOaU
    — Narendra Modi (@narendramodi) July 3, 2021

    Official sources said the move will have an immediate impact on smaller retailers and wholesalers with businesses up to Rs 250 crore of turnover in availing immediate-term finance as part of various schemes announced under “Atmanirbhar Bharat” programme.

    This landmark decision will have a structural impact for the sector, helping it get formalised by giving better finance options for businesses that want to get structured, they said, adding it will give retail MSMEs the support they need to “survive, revive and thrive”.

    Retail and trade associations have welcomed the move, saying it will enable traders to get access to much-needed capital having been impacted greatly due to the COVID-19 pandemic.

  • Wholesale price-based inflation at 1.55 pc in November, against 1.48 pc in previous month: Govt data

    The rate of inflation, based on monthly Wholesale Price Index, stood at 1.55% (provisional) for the month of November, 2020 (over November, 2019) as compared to 0.58% during the corresponding month of the previous year, said Ministry of Commerce & Industry.

    In October, it was 1.48 per cent — marking an eight-month high as manufactured products turned costlier. However, food inflation for November decreased to 4.27 per cent compared to 5.78 per cent in October, data released by the government on Monday showed.

    The food index consisting of food articles from primary articles group and food product from manufactured products group fell from 159.3 in October to 158.9 in November.

    Primary articles inflation was at 2.72 per cent from 4.74 per cent in October. Manufactured products inflation was at 2.97 per cent as compared to 2.12 per cent in October.

    Fuel and power inflation was at minus 9.87 per cent as compared to minus 10.95 per cent in October.