New Delhi Union Commerce Minister Piyush Goyal in a Video Conference with representatives of retail trade and small industries directed the Co Ministry Officials to create a specialised portal where traders could register their complaints of Branch of any Bank which creates any roadblock in extending loan to traders & MSMEs as per the announcement of economic package by Finance Minister Smt. Nirmala Sitharaman. Mr. Goyal was responding to a suggestion of Mr. Praveen Khandelwal, Secretary General of the Confederation of All India Traders (CAIT) who suggested for creation of a monitoring mechanism to ensure quick disbursal of loans both under announcement of Finance Minister and also under Pradhanmantri Mudra Yojna.
Mr. Goyal while responding to various questions and suggestions of both retail trade & MSME sector said that Government highly values the contribution of traders in the economy and particularly during the current lockdown due to COVID-19. However, the time has come when the traders will have to change their existing business format and relate it with digital technology. He also said that in a changing scenario of business, the traders will be under obligation to comply with all laws, rules and regulations and any attempt to avoid the compliance will be under the scanner of the Government. He also said that Prime Minister Shri Narendra Modi has laid greater emphasis on local products and therefore he has given a clarion call for ‘Local Par Vocal” for promoting greater usage of local products. However, the foreign Companies can also play a role in setting up their manufacturing plants in India and source their raw material from India and not only sale their goods in India but also can make exports from India.
