Every year the International MSME (Micro, Small and Medium Enterprises) Day is celebrated on 27 June. The day was first marked, in 2017, at the 74th Plenary meet of the United Nations General Assembly. The international day commemorated the contribution of MSMEs towards achieving the Sustainable Development Goals. MSMEs help in promoting innovation, creativity and sustainable work for all.
Small businesses, including those run by women and young entrepreneurs, were hit hard by the economic fall-out due to the global pandemic. The unprecedented spread of the virus and strict lockdowns and restrictions have resulted in considerable disruptions in the supply chain and a massive drop in demand across many sectors leading to substantial job losses.
The enterprises, which employees less than 250 personnel, act as the backbone of most economies worldwide and play a key role in developing countries.
According to the data provided by the International Council for Small Business (ICSB), formal and informal Micro, Small and Medium-sized Enterprises (MSMEs) make up over 90% of all firms and account, on average, for 70% of global employment and 50% of GDP.
That is why the UN General Assembly declared 27 June as the International MSME Day to raise public awareness of their contribution to sustainable development and the global economy