Inclusion of Urban Street Vendors in MSME Category
Ministry of Micro, Small, and Medium Enterprise (MSME) has announced a revised definition for MSMEs with the Inclusion of urban street vendors in the MSME category. With the revised guidelines the street vendors will now be allowed to register on Udyam Registration Portal.
The existing definition of MSMEs includes manufacturing and service enterprises whereas street vendors were not classified under the same. Now under the revised guidelines, street vendors will also get the benefit of priority sector lending under the Reserve Bank of India (RBI) guidelines.