International MSMEs Day

Why in news ?

Every year, Micro, Small and Medium-sized Enterprises (MSMEs) Day is celebrated on 27^th June to recognise the contribution of these industries in the implementation of the Sustainable Development Goals (SDGs).

History:

• The United Nations (UN) designated 27^thJune as Micro, Small and Medium-sized Enterprises Day through a resolution passed in the UN General Assembly in April 2017.
• In May 2017, a program titled ‘Enhancing National Capacities for Unleashing Full Potentials of MSMEs in Achieving the SDGs in Developing Countries’ was launched.
• It has been funded by the 2030 Agenda for Sustainable Development Sub-Fund of the United Nations Peace and Development Fund.

Significance:

• The UN wants countries to recognise sustainable development goals and create awareness about them.
  • An International Trade Centre survey on Covid-19 impact among businesses in 136 countries has shown that nearly 62% of women-led small businesses have been strongly affected by the crisis, compared to just over half of firms led by men, and women-owned are 27% more likely not to survive the pandemic.
• Formal and informal MSMEs make up over 90% of all firms and account, on average, for 70% of total employment and 50% of GDP. As such, they are key actors in achieving a green recovery.

• 2021 Theme:
  • MSME 2021: Key to an inclusive and sustainable recovery