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Appreciating the Role of MSMEs: World Micro, Small, and Medium-sized Enterprises Day

This blog underscores the importance of World MSME Day, highlighting MSME contributions to the global economy and outlining the 2023 celebrations.

The Critical Role of MSMEs

Since the United Nations established it in 2017,27 June has been earmarked to appreciate the remarkable contributions of MSMEs to the global economic structure and their pivotal role in actualizing the Sustainable Development Goals (SDGs). These enterprises are vanguards of innovation, originality, and employment generation, contributing significantly to global businesses and economies.

MSMEs in the Global and Indian Context

Astoundingly, MSMEs constitute up to 90% of global businesses, generate 60-70% of worldwide employment, and contribute to half of the world’s GDP. A particular mention must be made of India, where the MSME sector thrives and strategically influences the country’s economic growth. Indian MSMEs are crucial, contributing significantly to the nation’s GDP and employment.

World MSME Day 2023: Embracing the Future

Moving on to the particulars of World MSME Day 2023, India’s theme this year is “Future-ready MSMEs for India@100.” The theme underscores the necessity for MSMEs to adopt technology, innovation, and resilience to pave the way for a promising future. Simultaneously, the Global Council for the Promotion of International Trade will observe the day under the banner “Building a Stronger Future Together.”

Celebrations and Initiatives

In honour of this distinguished day, the Ministry of MSME is staging ‘Udyami Bharat-MSME Day’ at Vigyan Bhawan, New Delhi. Various initiatives will be unveiled to enhance the business landscape, foster innovation, advance regional growth, and promote sustainable practices. The ‘MSME Idea Hackathon 2.0’ victors will be announced, and the ‘MSME Idea Hackathon 3.0’ tailored for Women Entrepreneurs will be introduced.

Bolstering Resilient Supply Chains

Another critical aspect of World MSME Day is bolstering resilient supply chains. Robust supply chains are vital for international trade and commerce, and disruptions due to conflicts, disasters, or pandemics can have extensive ramifications. By fortifying the resilience of these supply chains, we can augment efficiency, decrease costs, and manage risks effectively.

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