MSME Day Current Affairs - 2019

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27 June: International MSME Day

The Micro, Small and Medium-sized Enterprises Day (MSME) Day was celebrated across the world on 27 June. The theme for MSME Day 2019 was ‘Big Money For Small Business: Financing the SDGs’.

Theme SME Day 2019Big Money For Small Business: Financing the SDGs. It is dedicated towards raising awareness of need for greater investment into small and mid-sized businesses in developing countries and celebrate gigantic contribution which smaller companies make to global economy.

Global Celebration

With the aim of overcoming challenges faced by MSME, the International Trade Center, (a United Nations’ entity) that works in internationalization of micro and SMEs on occasion of MSME Day 2019 launched its flagship report tilted- The SME Competitiveness Outlook 2019: Big money for small businesses.

Celebrations in India

To observe the International MSME Day, Union Ministry of Micro Small and Medium Enterprises organized an international convention on theme- Indian MSMEs, Global Aspirations, in New Delhi.

Moreover, as part of continued celebrations of MSME day, the 2nd edition of International SME Convention 2019 is scheduled to be held from 28- 29 June 2019.

100 SMEs (Small and medium-sized enterprises) selected by a jury from among 34011 nominations received from across India are also being felicitated under the aegis of 6th Annual India SME 100 Awards, which is India ‘s most prestigious annual awards initiative for small and medium enterprises.

About UN MSME Day

United Nations General Assembly (UNGA) in its 74th Plenary meeting held on 6 April 2017 declared 27 June to be observed as Micro, Small and Medium-sized Enterprises Day so as to recognizes importance of MSME in achieving sustainable development goals (SDG’s) and in promoting innovation, creativity and sustainable work for all.

International Micro, Small and Medium-sized Enterprises Day: June 27

The International Micro, Small and Medium-sized Enterprises (MSME) Day is observed every year across the world on June 27. This year is second edition after the day was instituted in April 2017. The day highlights strong contribution of MSME businesses worldwide to livelihoods, communities and economies, and need to support MSMEs towards their success. Objectives of this day are to advocate importance of MSMEs in youth employment, raise awareness around the skills needed by youth to acquire decent jobs and raise awareness around youth entrepreneurship. The campaign slogan of MSME Day 2018 is ‘The Youth Dimension’.

Importance of MSMEs

They are major job providers and catalysts for growth. They are critical force in realizing Sustainable Development Goals (SDGs). They promote innovation, creativity and decent work for all. Four in five new formal jobs created in emerging markets are among MSMEs. The private sector led by MSMEs drives jobs growth, accounting for 87% of total employment in 2016. MSMEs tend to employ larger share of vulnerable sectors of workforce, such as women, youth, and people from poorer households. They can even sometimes be only source of employment in rural areas. MSMEs as group are main income provider for income distribution at “base of the pyramid”.

Background

The Micro-, Small and Medium-sized Enterprises Day was instituted by United Nations General Assembly (UNGA) through resolution A/RES/71/279 to recognize need to improve small business access to microfinance and credit. The resolution was introduced by delegation of Argentina and was co-sponsored by 54 member states and adopted without vote by 193-member UNGA in April 2017. The goal is to encourage member states to facilitate observance of the day by increasing awareness and actions to support small business.