International Micro, Small, and Medium Enterprises (MSME) Day, also known as World MSME Day, is commemorated worldwide on the 27th of June each year. This observance aims to emphasize the importance of MSMEs and their pivotal role as the backbone of a country’s economy. It provides an opportunity to recognize and celebrate the contributions made by MSMEs in driving economic growth, fostering innovation, generating employment opportunities, and promoting sustainable development.
World MSME Day Theme 2023
This year’s celebration of World MSME Day revolves around the theme of “Building a Stronger Future Together.” In alignment with this theme, we are thrilled to introduce the #Brand10000MSMEs Network, a vibrant platform designed to foster connections, facilitate learning, and promote growth among MSMEs worldwide. By becoming a part of this network, you will have access to valuable resources, opportunities to exchange knowledge, and a supportive community that can inspire and empower you in your entrepreneurial endeavors.
The theme for World MSME Day 2023 in India is “Future-ready MSMEs for India@100.” This theme reflects the focus on preparing Micro, Small, and Medium Enterprises (MSMEs) for the future as India strives to achieve its vision of becoming a developed nation by 2047, marking 100 years of independence. The theme emphasizes the importance of equipping MSMEs with the necessary tools, technologies, and strategies to thrive in a rapidly evolving business landscape and contribute significantly to India’s growth and development.
History of World MSME Day
The United Nations General Assembly officially designated the 27th of June as “Micro-, Small, and Medium-sized Enterprises Day” to raise awareness about the important role of MSMEs in achieving the Sustainable Development Goals (SDGs) set by the United Nations.
- MSMEs play a vital role in economies worldwide, representing 90% of businesses, contributing to 50% of GDP, and employing 60 to 70% of the workforce.
- They are the backbone of societies, supporting livelihoods, especially for the working poor, women, youth, and vulnerable groups.
- Given proper support, MSMEs have the potential to drive economic transformation, create jobs, and foster inclusive growth.
- The observance of MSME Day aims to recognize their significant contributions and explore opportunities for their further development.
Significance of World MSME Day
World MSME Day is a global observance that celebrates the role of micro, small, and medium-sized enterprises (MSMEs) in the global economy.
- MSMEs are the backbone of the global economy, providing employment for millions of people and driving economic growth.
- They are also major contributors to sustainable development, as they are often more environmentally friendly than larger businesses.
- The significance of World MSME Day is to raise awareness of the importance of MSMEs and to promote policies that support their growth.
- The day also provides an opportunity to celebrate the achievements of MSMEs and to connect with other entrepreneurs and stakeholders.
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World MSME Day 2023 – FAQs
What is an MSME?
The definition of an MSME varies from country to country, but they are typically defined based on the number of employees, annual turnover, and/or asset value. In India, for example, an MSME is defined as a business with up to 500 employees, an annual turnover of up to INR 250 crores, and/or assets of up to INR 100 crores.