Micro, Small and Medium – Sized Enterprises Day 2020 – June 27
- The UN General Assembly declared the 27 June the Micro-, Small and Medium-sized Enterprises Day, recognizing the importance of these enterprises and their contribution to sustainable development.
- Objective of the day is to recognize the importance of MSMEs in achieving sustainable development goals and in promoting innovation, creativity and sustainable work for all.
- MSMEs are creating the most significant employment and income generation opportunities during the COVID 19 crisis.
Significance of MSME Day-
- The United Nations on 6th April 2017 has adopted a resolution as per which 27th June to be observed every year as the day of Micro, Small and Medium Enterprises (MSME).
- For achieving the Sustainable Development Goals, Governments across the globe are required to create an environment for promoting innovation and creativity.
- For this, the importance of Micro, Small, and Medium-sized Enterprises needs to be recognized.
- This will further help in encouraging the formalization and growth of the MSME sector across the domestic and international markets.
- Globally, the MSME sector is the largest employment provider and also the backbone of major economies.
- As per the International Council for Small Business data, MSMEs on average contribute 50 percent in the GDP and generate 70 percent employment in an economy.
- Most of the employment generated by MSMEs is for the vulnerable sectors of our society.
Highlights of International MSME Day 2020-
- At the time of a global pandemic when millions across the world have lost their jobs.
- MSMEs are creating the most significant employment and income generation opportunities, especially in rural areas.
- But as countries across the globe have been imposing nationwide or partial lockdown the business of the MSMEs have also affected significantly.
- Their primary obstacle has been lack of access to financial support.
- This year’s MSME day is to raise awareness and remind the governments of the important role that MSMEs have played in their economy over the decades.
- These types of enterprises are responsible for significant employment and income generation opportunities across the world and have been identified as a major driver of poverty alleviation and development.
- According to the data provided by the International Council for Small Business (ICSB), formal and informal Micro – Small and Medium-sized Enterprises (MSMEs) make up over 90% of all firms and account on average for 70% of total employment and 50% of GDP.