The United Nations has declared June 27 as Micro-Small and Medium-sized Enterprises (MSMEs) Day. It is a day to appreciate and encourage the contribution of small and medium-sized businesses worldwide.
According to UN statistics, MSMEs account for 90% of businesses, including 70% employment, and 50% of the GDP across the world. These statistics reflect the fundamental role of MSMEs in the economy of several countries.
"A human-centred approach is central to the evolving 'circular economy,' emphasising the importance of individuals and communities in driving sustainable transformation. Considering people's well-being and prioritising inclusive participation ensures that new systems align and contextualise local culture and personal/institutional needs," the UN said.
MSME Day 2024: Date
June 27 is Micro-Small and Medium-sized Enterprises (MSMEs) Day to create awareness about their contribution and to discover advanced prospects.
MSME Day 2024: History
MSMEs are the backbone of several economies, as UN statistics have revealed. They connect entrepreneurs on a local and national level. Besides, they offer an opportunity for people such as youth, the working class, women, and others to generate income.
These small and medium businesses have the power to create job opportunities, bring economic stability, and eventually transform economies. The UN, therefore, initiated this day to inspire and promote MSMEs worldwide.
MSME Day 2024: Theme
This year's theme for this day is 'leveraging the power and resilience of Micro-, Small and Medium-sized Enterprises (MSMEs) to accelerate sustainable development and eradicate poverty in times of multiple crises.'
This theme is designed considering one of the Sustainable Development Goals (SDGs) of poverty eradication by 2030.
Several countries struggle with problems like constrained fiscal space, cost-of-living crisis, obstacles to accessing new sources of development and climate financing, and conflicts. This day can help people to come together share and communicate different ideas that eventually eliminate these problems.
Furthermore, key stakeholders like financial institutions, policymakers, large corporations, and international communities can brainstorm and discuss ideas that help MSMEs to achieve the SDGs such as poverty eradication and decent work for everyone.
MSME Day 2024: Significance
This day is significant for businesses and people across the world as it strengthens economies, generates employment, and helps alleviate poverty. This UN initiative allows MSMEs to communicate and share their ideas, grow their prospects and create economic stability.
MSME Day Event In India
The Union Minister for Micro, Small, and Medium Enterprise, Jitan Ram Manjhi will preside over the 'Udyami Bharat' - MSME Day event. The Ministry of Micro, Small, and Medium Enterprises (MoMSME) will celebrate 'Udyami Bharat - MSME Day' on June 27.
This event offers an opportunity to key stakeholders, including policymakers, large companies, financial institutions, and the international community, to discuss and exchange ideas on the legal reforms needed in the MSMED Act for the growth and sustainability of MSMEs, a PIB release said.
As a part of legal reforms in the Act, the Ministry is committed to make the Act more inclusive, comprehensive, and holistic in its jurisdiction. The proposed legal reforms aim to align the MSMED Act with the transformative changes occurred in the economic and technological landscape since the enactment of the MSMED Act in 2006.
The event will feature four sessions, Reducing the Cost of Litigation for MSMEs., Presentation on the IIAC (Conduct of Micro and Small Enterprises Arbitration), Presentation on the use of Bhashini’s AI Software for MSE Arbitration, Plenary Session - Legal Reforms in the MSMED Act, 2006
RECOMMENDED FOR YOU
Lenders Flag Sudden Stress In MSME Loans, See Slower Growth Ahead
Aug 01, 2025
Bajaj Finance Q1 Results Review — PL Capital Maintains 'Hold' On Rich Valuations
Jul 25, 2025
Bajaj Finance Q1 Review: MSME Stress Test — Should You Buy Or Sell?
Jul 25, 2025
Bajaj Finance Q1 Results: From Growth Outlook To MSME Stress, Here Are Five Key Takeaways
Jul 24, 2025
POPULAR