Micro-, Small and Medium-sized Enterprises Day

Micro-, Small and Medium-sized Enterprises Day

Micro, Small and Medium-sized Enterprises (MSME) Day is an annual observance that aims to recognize the significant contributions of MSMEs to local and national economies, as well as to raise awareness of the challenges they face. The day provides an opportunity to appreciate and recognize the crucial role played by MSMEs in the country's development and to raise awareness of the various schemes and programs available to support them. It also serves as a platform to generate dialogue and exchange best practices, ideas, and innovations among MSMEs.

MSMEs are defined as businesses with a turnover of less than Rs 250 crores or an investment in plant and machinery of less than Rs 50 crores. They are considered the backbone of the Indian economy, accounting for around 30% of the country's GDP and employing around 111 million people. The day was first recognized by the United Nations General Assembly in 2017, which declared June 27th as International MSME Day. India adopted this initiative and the Ministry of MSMEs initiated the celebration of MSME Day in India.

This day also focuses on the importance of creating a favorable environment for these businesses to thrive, including access to finance, marketing support, training, technology, and regulatory simplification. Many governmental and non-governmental organizations organize various events, workshops, and seminars to celebrate and promote MSMEs. Micro, Small and Medium-sized Enterprises (MSME) Day is observed on June 27th every year.

Facts about Micro-, Small and Medium-sized Enterprises Day

• According to the International Council for Small Business (ICSB), formal and informal micro-, small and medium-sized enterprises make up more than 90% of all firms in the world. They also account for 70% of the total employment and 50% of the global gross domestic product (GDP).
• According to the UN, more than 600 million jobs will be needed by 2030 in order to handle the growing global workforce.
• MSMEs are proving to be more resilient and adaptable to economic shifts and market disruptions, being key drivers in ensuring an economy's sustainability. They have shown their mettle during the economic downturns and the ongoing COVID-19 pandemic.
• Women-owned enterprises account for about 20% of all MSMEs in India, with a majority of them being micro-enterprises.
• MSMEs in India contribute to about 49% of the country's total exports.

In the News and Trending in India for Micro-, Small and Medium-sized Enterprises Day

Top things to do in India for this observance

• Learn more about the power of micro-, small and medium-sized enterprises .
• Discover 5 things SMEs need to survive.
• Many cities in India have specific areas or clusters where small businesses thrive, such as Dharavi in Mumbai or Sowcarpet in Chennai. Visiting these clusters during MSME Day can provide an insight into the vibrant entrepreneurial culture.
• The Indian government offers various incentives for MSMEs, such as credit guarantee schemes, subsidies, and tax benefits. MSME Day is a great time to explore these opportunities and learn about eligibility criteria and application procedures.