New Delhi, July 5 (KNN) The Confederation of All India Traders (CAIT) has appreciated the Union Finance Minister Nirmala Sitharaman for putting the focus on traders and Small and Medium-Enterprises (SMEs) in the Union Budget that she presented today.

CAIT, while giving their reaction on the Budget 2019-20, said that the traders stand in solidarity with the Government in achieving a target of 5 Trillion economy  by 2024.

"Announcements made in the budget will encourage  the domestic manufacturing and retail trade. Moreover; it will also make them competent to play major role in the global business," said CAIT.

CAIT said the announcement made for a payment platform for MSMEs by the Government is a unique step. Moreover, Digitization, up-gradation of trade and SMEs is a bold step too.

Allowing pension to traders on Aadhar Card basis is also one of the most revolutionary steps as the government is actually taking measures to improve the conditions of the traders, the apex body for traders' added.

They feel that strengthening of NBFCs will also play a major role in meeting demand of finance for traders.

In the Budget, Sitharaman today proposed a payment platform for the MSMEs where they can upload the bills and process payment.

The Budget also proposed a pension benefit to be extended to around 3 crore retail traders and shopkeepers with an annual turnover less than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme. (KNN Bureau)