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International MSME Day: Celebrating Backbone of Global Economy

MSME Day is celebrated on June 27 every year. The International Micro, Small, and Medium-sized Enterprises Day is dedicated to recognizing the important and necessary contributions of MSMEs in the field of the global economy.

Vivek Singh
Different enterprises from various fields (Photo Courtesy: Pixabay)
Different enterprises from various fields (Photo Courtesy: Pixabay)

International Micro, Small, and Medium-sized Enterprises (MSME) Day is celebrated every year on June 27. This special day is dedicated to recognizing the vital contributions of MSMEs to the global economy and raising awareness about the challenges they face. MSMEs are the backbone of economies around the world, driving innovation, employment, and sustainable development.

MSMEs are defined as businesses with a limited number of employees and relatively low assets and revenue. They encompass a wide range of sectors and play a crucial role in both developed and developing countries. According to the International Council for Small Business (ICSB), MSMEs represent over 90% of all businesses worldwide and are responsible for more than 50% of employment.

One of the key strengths of MSMEs lies in their ability to foster entrepreneurship and promote economic inclusivity. They provide opportunities for individuals to transform their ideas into viable businesses, thus fueling innovation and economic growth. MSMEs often serve as incubators for new technologies, products, and services, driving competitiveness and attracting investment.

Today, join hands with us as we are celebrating International Micro, Small, and Medium-sized Enterprises (MSME) Day. On this special occasion, we recognize the remarkable contributions of MSMEs to the global economy and shed light on the challenges they face. Let’s explore the significance of MSMEs, their impact on economies, and the importance of supporting their growth and development.

  1. The Power of MSMEs:

MSMEs are the unsung heroes of economies worldwide, playing a vital role in driving innovation, generating employment, and fostering sustainable development. These enterprises, often characterized by their agility and entrepreneurial spirit, are responsible for more than 90% of businesses globally. They serve as the foundation for economic growth, stimulating competition and attracting investments.

  1. Engines of Employment:

MSMEs are major engines of employment, particularly in sectors such as manufacturing, services, and agriculture. They create opportunities for individuals, including marginalized communities, women, and youth, to participate actively in economic activities and improve their livelihoods. By nurturing a diverse and inclusive workforce, MSMEs contribute to reducing unemployment and poverty rates while promoting social cohesion.

  1. Promoting Innovation and Entrepreneurship:

MSMEs are hotbeds of innovation, driving technological advancements, and fostering entrepreneurship. With their nimble structures and ability to quickly adapt to changing market demands, MSMEs often serve as incubators for new ideas, products, and services. By promoting a culture of innovation and fostering collaboration between larger companies and startups, MSMEs contribute to economic dynamism and competitiveness.

  1. Overcoming Challenges:

While MSMEs offer immense potential, they face numerous challenges on their path to success. Access to finance remains a significant hurdle, as these enterprises often struggle to secure funding due to their size and lack of collateral. Additionally, navigating complex regulatory environments, limited access to markets, and inadequate infrastructure pose obstacles to their growth. Addressing these challenges is crucial for unlocking the full potential of MSMEs.

  1. Enabling Support:

Recognizing the importance of MSMEs, governments, international organizations, and the private sector are working together to create an enabling environment for their growth. Initiatives such as improved access to finance, streamlined regulations, capacity-building programs, and technology adoption support MSMEs in overcoming barriers and expanding their operations. Collaborative efforts between stakeholders are essential to drive sustainable growth and maximize the impact of MSMEs.

India To Celebrate ‘UDYAMI BHARAT – MSME DAY’ at Vigyan Bhawan

In India, the day is to be celebrated at Vigyan Bhawan, New Delhi where Narayan Rane (Union Minister, MSME) will be honoured as the Chief Guest and Bhanu Pratap Singh Verma (Union Minister of State, MSME) will be the Guest of Honour for ‘UDYAMI BHARAT – MSME DAY’.  

During this program, the Ministry of Micro, Small, and Medium Enterprises (MSME) will introduce several initiatives aimed at fostering the growth and advancement of MSMEs. These initiatives include the launch of the CHAMPIONS 2.0 Portal and Mobile App, which will facilitate the geo-tagging of cluster projects and technology centres. Additionally, the program will announce the results of the 'MSME Idea Hackathon 2.0' and introduce the 'MSME Idea Hackathon 3.0' specifically for women entrepreneurs.

Furthermore, the program will involve the distribution of certificates to MSMEs that have achieved Gold and Silver ZED certification, as well as the digital transfer of a subsidy amounting to Rs. 400 crores as margin money to 10,075 beneficiaries of the Prime Minister's Employment Generation Programme (PMEGP). Additionally, the program will witness the signing of Memorandums of Understanding (MoUs) between various organizations under the Government of India.

The main objective of the Ministry, through these schemes and initiatives, is to enhance the business environment for MSMEs. It aims to foster innovation and the development of new products and services, promote regional growth while reducing disparities between regions, create domestic and global market opportunities, and encourage the adoption of sustainable practices among MSMEs. Employment generation, along with improving productivity and competitiveness of MSMEs across the nation, is a key focus for the Ministry.

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