MSME Day 2020

#GS3 #Economy

The international Micro, Small and Medium-sized Enterprises (MSME) Day is being observed on 27 June under the theme “COVID-19: The Great Lockdown and its impact on Small Business.”

  • The UN General Assembly in its 74th Plenary held on the 6th April, 2017 declared 27th June as Micro, Small and Medium-sized Enterprises Day.
  • Objective of the day is to recognize the importance of MSMEs in achieving sustainable development goals and in promoting innovation, creativity and sustainable work for all.
  • Small businesses, including those run by women and young entrepreneurs, are being hit hardest by the economic fall-out of the pandemic. Unprecedented lockdown measures enacted to contain the spread of the coronavirus have resulted in supply chain disruptions and a massive drop in demand in most sectors.
  • To continue playing their crucial role in creating decent jobs and improving livelihoods, small businesses depend more than ever on an enabling business environment, including support for access to finance, information, and markets.
  • Let's not forget that these enterprises, which generally employ fewer than 250 persons, are 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 total employment and 50% of GDP.
  • That is why the UN General Assembly declared 27 June Micro, Small and Medium-sized Enterprises Day, to raise public awareness of their contribution to sustainable development and the global economy.
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