MSME Day Current Affairs
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”.
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.