Recognising the potential of the MSME and their role in strengthening economies, June 27 is celebrated as the Micro-Small and Medium-sized Enterprises Day. The day is aimed at raising public awareness of the contribution of MSMEs to global economic growth and sustainable development. MSME or Micro-Small and Medium-sized Enterprises are crucial for the growth of a country as they form the backbone of the economy. They are enterprises that usually employ not more than 250 employees but are responsible for creating more than two-thirds of all jobs globally.
Micro-, Small and Medium-sized Enterprises Day 2022: Significance
According to the United Nations, formal and informal MSMEs account for 70 per cent of the total employment and 50 per cent of the GDP. Moreover, the sector makes up for 90 per cent of all firms. With such significant contribution to the economy, MSMEs are essential for innovations, job creation, and productivity growth.
Despite being a key player in generating jobs, MSMEs face challenges in working conditions, informality, and productivity. The MSME day is celebrated to unlock the potential of the enterprise and utilise it for bolstering the global economy.
Micro-, Small and Medium-sized Enterprises Day: History
The Micro-Small and Medium-sized Enterprises Day was marked by the United Nations General Assembly in its 74th Plenary on April 6 2017. The move came after the International Council for Small Business (ICSB) 2016 World Conference Declaration on the urgent need to recognise MSME’s role in global development.