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Pre Budget News

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(29 Jan 2024, 18:17)

Retailers Association of India calls for lower interest rate for retailers

Retailers’ body Retailers Association of India (RAI), in its pre-budget expectations, has urged the government to extend all benefits available for MSMEs in the country to retail traders also. Currently, retail and wholesale traders are eligible only for formal credit under the priority sector lending (PSL) norms. Retail and wholesale trades were added to the MSME definition for PSL benefits from banks in July 2021. RAI has also asked for a lower interest rate for retailers to assure easier financing. The government should allocate a special fund and formulate a special trader finance scheme with SIDBI to help millions of independent retailers across the nation by declaring low-cost loans and relaxing some industry guidelines, it noted.
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