The theme for International MSME day, for the year 2021 is COVID-19: The Great Lockdown and its impact on Small Business

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

Subscribe to unlock content

Loading...
In India, 6.3 crore MSMEs provide 12 crores plus jobs, contribute 45% to exports, and over 30% of manufacturing value-added. MSMEs are an essential part of larger national and global value chains. "With a population of over 7 billion across the globe, over 400 million people are entrepreneurs and 800 million work in industrial jobs." MSMEs are the source of providing employment and opportunities for such individuals.