CAIT seeks 75 lakh traders to register as MSMEs under new definition

Ease of doing business for MSMEs: The traders body, Confederation of All Indian Traders (CAIT), said on Sunday that it would try to get 75 lakh traders on the Udyam registration portal and bring them under the MSME fold. CAIT General Secretary Praveen Khandelwal said in a statement that the confederation will campaign from April 10 to contact traders in 75 major cities in association with local trade bodies to inform them of the benefits of listing on the Udyam portal, including priority sector loans.

CAIT said in a recent meeting with Trade Minister Piyush Goyal that the latter urged trade leaders to motivate more and more traders across the country to embark on the Udyam portal. Registered traders “will be competent to obtain financial loans from banks under the Priority Sector Loans at lower interest rates. It is certainly a great relief to the cash-strapped business community which has gone through a very difficult time over the past couple of years due to Covid,” Khandelwal and CAIT Chairman BC Bhartia said in a statement. joint.

It is important to note that companies engaged in wholesale and retail trade were dropped from the definition of MSMEs in June 2017, as they were not engaged in manufacturing or service activities. However, in July last year, the government announced their reintegration into the new definition of MSMEs. According to the official notification, enterprises operating in wholesale and retail trade and repair of motor vehicles and motorcycles, wholesale trade except motor vehicles and motorcycles and retail trade in exception of motor vehicles and motorcycles were allowed to register on the Udyam portal.

Subscribe now to the Financial Express SME newsletter: your weekly dose of news, views and updates from the world of micro, small and medium enterprises

CAIT said it has linked up with various agencies to help traders easily register for a small fee. Currently, more than 80 lakh enterprises have registered in the Udyam portal since its launch on July 1, 2020. The Udyam portal is the successor to the Udyam Aadhaar Memorandum (UAM) for the registration of MSMEs. The UAM was valid until March 31, 2022 for companies to benefit from various government programs related to MSMEs. Since 2020, companies have been encouraged by the Ministry of MSMEs to switch to the new Udyam portal in order to remain in the MSME category.

About Nicole Harmon

Check Also

Online “stimulus loan” offers are not tied to government programs

Quick setting Three stimulus payments have been sent to Americans to ease the economic impact …