RAI sets up help desk to facilitate Udyam Aadhaar registrations for retail MSMEs
New Delhi, July 14, (KNN) Apropos to the announcement by the Government of India on inclusion of retail and wholesale trade under MSME, the Retailers Association of India (RAI) has set up a ‘Retail MSME Help Desk’ to help its members with their queries and guide them through the UDYAM Aadhaar registration process so that they can start availing the benefits covered therein.
As per the announcement on July 2, 2021, Retail trade is eligible for priority sector advances by banks and financial institutions as per RBI guidelines. To avail the benefits, retail businesses are required to register on the Udyam portal as MSMEs.
Speaking about how the retail industry will benefit, Kumar Rajagopalan, CEO, Retailers Association of India (RAI), said, “We thank the Government of India for allowing MSME retailers to be registered. This landmark decision will give retail MSMEs the support they need to survive, revive and thrive. They will get requisite financial support extended by the government for the sector from time to time."
"Most importantly, it means that retail and wholesale businesses will get structured better in days to come since they need to create a formal method for operating and reporting to use benefits accorded to them. Many retailers who have avoided due formal recording of business will now be motivated to get formalised," he added.
Last year, a delegation from the Retailers Association of India (RAI) had a virtual meet with Minister - MSME, Nitin Gadkari to discuss the concerns of MSME retailers and appraised him about the immense financial stress faced by MSME retailers in the wake of the restrictions due to COVID-19.
RAI drew the Minister’s attention to the problems small retailers and traders faced due to not being recognised as MSMEs, which deprived them of the aid extended to MSMEs from other sectors. The revised guidelines will benefit an estimated 2.5 crore such businesses.
Retail is the fastest growing sector in terms of employment generation, and is second only to agriculture in terms of the number of people it directly employs, besides creating indirect employment opportunities.
MSMEs form a significant part of the retail industry of India (854 billion dollars; Source: RAI-KPMG Report), as much as 86 per cent ( 734 billion dollars).