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Micro-Small and Medium-sized Enterprises Day (MSME) Day: June 27

Date: 28 June 2019 Tags: Days & Dates

The International Micro, Small and Medium-sized Enterprises (MSME) Day is observed every year on June 27 across the world to highlight strong contributions of MSME businesses worldwide to livelihoods, communities and economies, and need to support MSMEs towards their success. This year it is third edition of MSME Day after it was instituted in April 2017. The campaign slogan of MSME Day 2019 is “Big Money For Small Business’.

Background

The Internatinal Micro-, Small and Medium-sized Enterprises (MSME) Day was proclaimed 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. Its purpose is to encourage member states to facilitate observance of day by increasing awareness and actions to support small business.

Objectives of this day

  • Advocate importance of MSMEs in youth employment.
  • Raise awareness around youth entrepreneurship.
  • Raise awareness around skills needed by youth to acquire decent jobs

Importance of MSMEs

MSMEs are major job providers and catalysts for growth. They promote innovation, creativity and decent work for all and are critical force in realizing Sustainable Development Goals (SDGs). They contribute four in five new formal jobs created in emerging markets. The private sector led by MSMEs drives jobs growth and accounts for 87% of total employment. They also tend to employ larger share of vulnerable sectors of workforce, such as women, youth, and people from poorer households. They also  serve as group are main income provider for income distribution at “base of the pyramid”.