 "World MSME Day 2023")
When the United Nations declared June 27 to be Micro, Small, and Medium-Sized Enterprises (MSME) Day in 2017, it was not only to honour MSMEs' significant role in achieving the Sustainable Development Goals (SDGs) but also to recognize their contribution to the global economy. They encourage creativity, innovation, and decent employment for all.
MSMEs account for up to 90% of businesses, 60% to 70% of jobs worldwide, and half of global GDP, according to the UN data. MSMEs also play a crucial role in India's economic development, employing over 110 million people across 63 million businesses and contributing nearly 33% of the country's GDP.
They not only make 45% of India's manufactured goods, but they also make over 50% of the country's exports and produce over 8,000 products with added value, from traditional to advanced technology.
World MSME Day 2023: Date and Theme
"Micro-, Small, and Medium-Sized Enterprises Day" was established on June 27 by the United Nations General Assembly on April 6, 2017, to highlight the significant contributions made by MSMEs to the achievement of the Sustainable Development Goals (SDGs) of the United Nations.
In India, "Future-ready MSMEs for India@100" will serve as the theme for World MSME Day 2023. This year's theme for the day is "Building a Stronger Future Together," which is also being used by the Global Council for the Promotion of International Trade. The #Brand10000MSMEs Network, a dynamic platform where MSMEs from around the world can connect, learn, and grow together is also being launched by the global body.
World MSME Day 2023: Celebration in India
On June 27, 2023, the Ministry of MSME will hold "Udyami Bharat-MSME Day" as part of World MSME Day at Vigyan Bhawan in New Delhi.
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The CHAMPIONS 2.0 Portal and Mobile App for Geo-tagging of Cluster Projects and Technology Centers will be launched by the Ministry of MSME to promote MSMEs' expansion and development. The results of "MSME Idea Hackathon 2.0" and "MSME Idea Hackathon 3.0" for Women Entrepreneurs will be announced during the programme.
This celebration aims to create market opportunities in both domestic and global markets, promote regional development, reduce regional inequality, encourage innovation and the development of new products and services, and encourage MSMEs to adopt sustainable practices.
World MSME Day 2023: Facts
If given sufficient support, micro, small, and medium-sized enterprises (MSMEs) have the potential to transform economies, encourage the creation of new jobs, and foster equitable economic growth.
The most disadvantaged members of our society are benefiting from the financial independence provided by MSMEs. According to the data, there are approximately 24% of women employed in registered MSMEs and 13.02% in unregistered businesses. Evidence indicates that 80% of women-owned businesses with credit needs are underserved or completely unserved, resulting in a financing gap of approximately $1.7 trillion. Financial inclusion can play a significant role in promoting gender equality.
Additionally, the MSME Day focuses on fostering sustainable supply chains for the benefit of workers and the environment. Conflicts, natural disasters, and pandemics can quickly have an effect on the operation of supply chains, which can raise costs and make transactions more difficult.
World MSME Day 2023: Government Initiatives
The government has introduced a number of initiatives to assist new businesses in getting off the ground in order to address the challenges associated with MSMEs:
• Credit Guarantee Scheme for Micro and Small Enterprises (CGTMSE)
• Government e-Marketplace (GeM)
• PM Employment Generation Program (PMEGP)
• Zed (Zero Defect, Zero Effect) scheme
• Raising and Accelerating MSME Performance (RAMP) scheme
• Udyam portal
• Mudra Yojana
• Emergency Credit Line Guarantee Scheme (ECLGS).
