Current Affairs

Micro-,Small and Medium-Sized Enterprises Day : June 27

The Micro-, Small and Medium-sized Enterprises (MSME) Day is observed every year across the world on June 27.
Micro,Small and Medium-sized Enterprises Day : 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.

Its Objectives:

  • To advocate importance of MSMEs in youth employment.
  • Raise awareness about the skills needed by youth to acquire decent jobs.
  • Raise awareness about youth entrepreneurship.
The campaign slogan of MSME Day 2018 is ‘The Youth Dimension’.

Significance of MSMEs in our society:

  • MSMEs are the 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.
  • Interestingly, 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”.

A look at the young but important history of this day:

  • 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.
Micro-,Small and Medium-Sized Enterprises Day : June 27 Micro-,Small and Medium-Sized Enterprises Day : June 27 Reviewed by Shweta Kashyap on June 29, 2018 Rating: 5

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