Updated By: LatestGKGS Desk
The International Micro, Small and Medium-sized Enterprises (MSME) Day or 'World MSME Day' is observed on 27th June every year across the world.
The International MSME Day-2018 is the second edition after the day was instituted in April 2017. The day highlights the strong contribution of MSME businesses worldwide to livelihoods, communities, and economies, and need to support MSMEs towards their success.
The International MSME Day main aims are to advocate the importance of MSMEs in youth employment, raise awareness about the skills needed by youth to acquire decent jobs and raise awareness about youth entrepreneurship.
The campaign slogan of World MSME Day-2018 is ‘The Youth Dimension".
The International MSME Day was instituted by United Nations General Assembly (UNGA) through resolution A/RES/71/279. The resolution was introduced by the delegation of Argentina and was co-sponsored by 54 member states and adopted without a vote by 193-member UNGA in April 2017.
The International MSME Day aimed at encouraging member states to facilitate observance of the day by increasing awareness and actions to support small business.
MSME are major job providers and catalysts for growth. They are a critical force in realizing Sustainable Development Goals (SDGs). They promote innovation, creativity and decent work for all.
As per the report, 4 out of 5 new formal jobs created in emerging markets are among MSMEs.
The private sector led by MSMEs drives jobs growth, accounting for 87% of total employment in 2016. MSMEs tend to employ a larger share of vulnerable sectors of the workforce, such as women, youth, and people from poorer households.
MSME can even sometimes be the only source of employment in rural areas. MSMEs as a group are main income provider for income distribution at “base of the pyramid”.
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