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DAILY NEWS ANALYSIS

  • 27 June, 2022

  • 5 Min Read

INTERNATIONAL MSME DAY

INTERNATIONAL MSME DAY

International MSME Day is celebrated every year on the 27th of June throughout the world to highlight the importance of MSMEs and their crucial role in being the backbone of the country’s economy.

KEY POINTS

  • The United Nations designated 27th June as Micro, Small, and Medium-sized Enterprises Day through a resolution passed in the United Nations General Assembly in April 2017.
  • In May 2017, a program titled 'Enhancing National Capacities for Unleashing Full Potentials of MSMEs in Achieving the Sustainable Development Goals (SDGs)' in Developing Countries was also launched.
  • The program has been funded by the 2030 Agenda for Sustainable Development Sub-Fund of the United Nations Peace and Development Fund.

Theme For 2022

Resilience and Rebuilding: MSMEs for Sustainable Development.

  • The theme highlights that for the socio-economic development of a country Micro-Small and Medium-Sized Enterprises are one of are important components.

OBJECTIVE

  • World MSME Day 2022 recognizes the potential and the capacity of MSMEs and their important role in strengthening the economies globally.
  • It mainly aims to increase public awareness regarding the significant contribution of MSMEs to global economic growth and sustainable development.
  • According to the United Nations, the formal and informal MSMEs account for 70 % of the total employment and 50 % of the Gross Domestic Product.
  • MSMEs make a significant contribution to the country’s economy, MSMEs are important for job creation, innovation, and productivity growth.
  • MSMEs worldwide face challenges such as outdated technology, low productivity, lack of funding mechanisms, informality, and lack of support from the governments and administrations also creates a hurdle for the growth of MSMEs.

MSME

  • MSME Enterprises are organizations that do not usually employ more than 250 employees but are responsible for creating more than two-thirds of all jobs globally.
  • MSMEs in India have been divided on the basis of investment and turnover.
  • MSMEs are the growth accelerators of the Indian economy, significantly contributing about 30% of the country’s Gross Domestic Product.
  • They contribute about 48% of the overall exports of India.
  • They also play a significant role in employment generation; they employ about 110 million people across the country.

Source: PIB


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