Micro, Small and Medium-sized Enterprises (MSME) Day is an annual observance that aims to recognize the significant contributions of MSMEs to local and national economies, as well as to raise awareness of the challenges they face. The day provides an opportunity to appreciate and recognize the crucial role played by MSMEs in the country's development and to raise awareness of the various schemes and programs available to support them. It also serves as a platform to generate dialogue and exchange best practices, ideas, and innovations among MSMEs.
MSMEs are defined as businesses with a turnover of less than Rs 250 crores or an investment in plant and machinery of less than Rs 50 crores. They are considered the backbone of the Indian economy, accounting for around 30% of the country's GDP and employing around 111 million people. The day was first recognized by the United Nations General Assembly in 2017, which declared June 27th as International MSME Day. India adopted this initiative and the Ministry of MSMEs initiated the celebration of MSME Day in India.
This day also focuses on the importance of creating a favorable environment for these businesses to thrive, including access to finance, marketing support, training, technology, and regulatory simplification. Many governmental and non-governmental organizations organize various events, workshops, and seminars to celebrate and promote MSMEs. Micro, Small and Medium-sized Enterprises (MSME) Day is observed on June 27th every year.
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References and related sitesUN: Micro, Small and Medium-sized Enterprises Day