Indian government has now extended the Emergency COVID Credit Line Guarantee Scheme (ECLGS) to all the business entities who are registered under GST and having a turnover of less than Rs 100 crore. This move will allow the retailers to avail the benefits without registering as MSMEs.
Recently, an RAI delegation was held with Hon’ble Minister of MSME Mr Nitin Gadkari and various guidelines were set for the scheme, including credit facility, interest rate, and eligible borrowers. The minister also assured that all the retailers will be included under the MSME ambit.
“We, at RAI, welcome this step and thank the government of India for considering our recommendation which will benefit millions of retailers,” said RAI spokesperson.