The United Nations has declared June 27 as Small and Medium Enterprises Day to raise awareness of the significant contribution that small and medium enterprises make in the growth of developing countries.
 "MSME Day 2024: Know the Date, History, Importance, Theme and More")
MSME Day 2024Sudeep Singh Rawat New Delhi
Every year, June 27th is celebrated as Small and Medium Enterprises Day across the world. The United Nations declared this day as the Day of Small and Medium Enterprises to enhance the contribution of small and medium enterprises around the world. According to the UN, small and medium enterprises contribute to 90% of businesses, including 70% of employment, and 50% of GDP worldwide.
MSMEs serve as the backbone of many countries, especially in developing countries, contributing significantly to job creation, poverty reduction and economic growth. These small-scale industries operate across multiple sectors such as manufacturing, services, agriculture and trade, driving innovation, entrepreneurship and regional development.
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The UN emphasises the importance of individuals and communities in driving sustainable change and believes a human-centred approach is essential for an evolving “circular economy”.
“Taking into account people's well-being and prioritizing inclusive participation will ensure that new systems are adapted to local cultures and the needs of individuals and organizations,” the UN added.
MSME Day 2024: History
According to United Nations statistics, small and medium-sized enterprises play a key role in economic growth, connecting budding entrepreneurs at local and national levels and providing income-generating opportunities for young people, the working class and women.
These small and medium-sized enterprises can create abundant employment opportunities, bring economic stability and ultimately transform economies, which is why the United Nations has seized this opportunity to encourage and promote MEMEs around the world.
MSME Day 2024: Significance
This day holds special meaning for businesses and people all over the world because it helps strengthen economies, create jobs and eradicate poverty. It allows small businesses to share ideas, communicate, improve their prospects and generate economic stability.
Despite the importance of MSMEs, they face a variety of challenges, the most fundamental of which is access to finance: According to a report by the International Finance Corporation (IFC), around 65 million enterprises, representing 40% of formal MSMEs in developing countries, still require $5.2 trillion in financing annually, which is 1.4 times the current global MSME lending volume.
What is the theme of MSME Day 2024?
The theme of this year's MSME Day 2024 is “Harnessing the power and resilience of MSMEs to accelerate sustainable development and eradicate poverty in times of multiple crises.”
Indian SMEs
According to the Ministry of Small and Medium Enterprises' annual report for FY23, India has more than 63 million SMEs, second only to China with 140 million micro, small and medium enterprises. These SMEs contribute 30 percent of India's GDP and 40 percent of its exports, and generate more than 110 million jobs across the country.
As per details available on the government's Udyam registration portal, over 46 million MSMEs have been registered with the MSME Ministry, creating over 200 million jobs.
In addition to MSME Day 2024, India observes National Small and Medium Enterprises Day on August 30 every year to celebrate the contribution of small and medium enterprises to the country's growth.
The Government of India also launched a far-reaching policy package on August 30, 2000, and since then this day is celebrated as National Small and Medium Enterprises Day to recognise the efforts and achievements of Indian small and medium enterprises.
