Every year on June 27th, the globe celebrates International Micro, Small, and Medium Enterprises (MSME) Day, or globe MSME Day, to recognize the importance of MSMEs and how they serve as the foundation of any nation’s economy.
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World MSME Day 2023- Theme
The topic for MSME Day in India in 2023 is “Future-ready MSMEs for India at 100.” The Global Council for the Promotion of International Trade is using the theme “Building a Stronger Future Together” to commemorate the day. The international organization is also introducing the #Brand10000MSMEs Network, a vibrant platform where MSMEs from all over the world can connect, exchange knowledge, and develop together.
World MSME Day 2023-History
- The United Nations (UN) designated 27th June as Micro, Small and Medium-sized Enterprises Day through a resolution passed in the UN General Assembly in April 2017.
- The Global Council for the Promotion of International Trade launched a program titled ‘Enhancing National Capacities for Unleashing Full Potentials of MSMEs in Achieving the Sustainable Development Goals (SDGs) in Developing Countries’ in May 2017.
- It has been funded by the 2030 Agenda for Sustainable Development Sub-Fund of the United Nations Peace and Development Fund.
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What is MSME? – An Introduction
Micro, Small, and Medium Enterprises is what MSME stands for. The businesses are divided into two categories in line with the Micro, Small, and Medium Enterprises Development (MSMED) Act of 2006.
- Manufacturing enterprises – engaged in the manufacturing or production of goods in any industry
- Service enterprises – engaged in providing or rendering services
Features of MSMEs
Here are some of the essential features of MSMEs
- MSMEs assist businesses with their product development, design innovation, intervention, and packaging needs.
- MSMEs promote the modernization of this industry’s infrastructure, technology, and other factors.
- MSMEs offer financing and job possibilities.
- MSMEs provide various banks in the nation with credit limits or funding assistance.
