The 74th plenary of the UN General Assembly, on April 6, 2017, adopted the resolution to observe June 27 as the Micro, Small and Medium-sized Enterprises Day or MSME Day. The idea behind the resolution was that MSMEs play a very crucial role in helping to achieve the Sustainable Development Goals — in particular, promoting innovation, creativity and decent work for all. MSME Day is expected to shine the focus on MSMEs and their contributions to the global economy.
MSMEs have always faced issues from access to credit to ease of doing business. But the problems around the supply chain are new. These impact every aspect of our lives. From our toothpaste to the food we eat, the supply chain ensures all goods reach us efficiently and economically. For businesses, everything from procurement of raw materials to sales to demand forecasting depends on the supply chain. If the supply chain falters, the very foundation of a business gets threatened.
Importance and Features of MSME’s
The MSME sector is considered the backbone of the Indian economy that has contributed substantially to the economic development of the nation. It generates employment opportunities and works in the development of backward and rural areas. India has approximately 6.3 crore MSMEs.
In addition, due to the following features, they are considered a viable source of income for those looking to venture into the manufacturing industry.
Export Promotion and potential for Indian products
• Funding – Finance & Subsidies
• Government’s Promotion and Support
• Growth in demand in the domestic market
• Less Capital required
• Manpower Training
• Project Profiles
• Raw Material and Machinery Procurement
MSMEs contribute to approximately 8% of India’s GDP, employ over 60 million people, have an enormous share of 40% in the exports market and 45% in the manufacturing sector. Hence, they are of paramount importance for overall economic development of India.
Theme of the MSME’s day 2022
The theme of Micro, Small and Medium-sized Enterprises Day or the MSME’s day 2022 is the architecture for India’s stronger, equitable economic growth.
