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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