International MSME Day
Tags: Important Days
MSME Day is observed every year on 27 June to recognize the contribution of micro, small and medium-sized enterprises in the implementation of the Sustainable Development Goals.
June 27 was designated as the Day of Micro, Small and Medium-sized Enterprises through a resolution passed by the United Nations in the United Nations General Assembly in April 2017.
A program titled 'Enhancing National Capabilities for Unleashing Full Potentials of MSMEs in Achieving the SDGs in Developing Countries' was launched in May 2017.
It is funded by the 2030 Agenda for Sustainable Development sub-fund of the United Nations Peace and Development Fund.
Role of MSMEs in Indian Economy
Micro, small and medium enterprises play an important role in the development of the Indian economy and contribute about 30 percent of the country's Gross Domestic Product (GDP).
In terms of exports, they are an integral part of the supply chain and contribute about 48 per cent of the total exports.
Apart from this, MSMEs also play an important role in employment generation and provide employment to about 110 million people across the country.
Initiatives of MSMEs -
The Ministry of MSME in India has taken the following measures to help industries survive during the COVID-19 crisis -
Establishment of community kitchen to provide food packets to migrants
1000 per month to the registered artisans through the Artisan Welfare Fund Trust
Release of funds through Market Development Assistance to artisans and Khadi Institutions through Direct Benefit Transfer.
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