International Micro, Small, and Medium-sized Enterprises (MSME) Day is observed each year on June 27 to acknowledge the remarkable contributions of MSMEs to the world economy and shed light on the obstacles they encounter. These enterprises, characterised by their limited workforce, assets, and revenue, are the driving force behind innovation, employment generation, and sustainable development.
The Power of MSMEs:
MSMEs serve as the unsung heroes of global economies, comprising over 90% of businesses worldwide. Their agility and entrepreneurial spirit make them the bedrock of economic growth, stimulating competition and attracting investments that foster innovation and drive progress.
Engines of Employment:
In sectors such as manufacturing, services, and agriculture, MSMEs play a significant role in employment generation. They provide opportunities for individuals from marginalised communities, women, and youth to actively participate in economic activities, leading to reduced unemployment rates and improved living standards. By embracing diversity and inclusivity, MSMEs contribute to social cohesion and economic empowerment.
Promoting Innovation and Entrepreneurship:
MSMEs are hotbeds of innovation, fueling technological advancements and nurturing entrepreneurship. Their adaptability and responsiveness to market demands enable them to incubate new ideas, products, and services. By fostering collaboration between larger companies and startups, MSMEs promote a culture of innovation and enhance economic dynamism and competitiveness.
Overcoming Challenges:
While MSMEs hold immense potential, they encounter various challenges on their path to success. Limited access to finance due to their size and lack of collateral, navigating complex regulatory environments, restricted market access, and inadequate infrastructure hinder their growth. Addressing these obstacles is crucial for unlocking the full potential of MSMEs.
Enabling Support:
Recognizing the significance of MSMEs, governments, international organisations, and the private sector are collaborating to create a favourable environment for their growth. Initiatives such as improved access to finance, streamlined regulations, capacity-building programs, and technology adoption provide vital support to MSMEs, enabling them to overcome barriers and expand their operations. Collaborative efforts among stakeholders are pivotal in driving sustainable growth and maximising the impact of MSMEs.
India Celebrates ‘UDYAMI BHARAT – MSME DAY’:
In India, International MSME Day is commemorated at Vigyan Bhawan in New Delhi. The event will honour Narayan Rane, the Union Minister of MSME, as the Chief Guest, while Bhanu Pratap Singh Verma, the Union Minister of State for MSME, will be the Guest of Honour. The Ministry of Micro, Small, and Medium Enterprises will unveil several initiatives during the program to foster the growth and advancement of MSMEs.
The initiatives include the launch of the CHAMPIONS 2.0 Portal and Mobile App, facilitating the geo-tagging of cluster projects and technology centres. The program will also announce the results of the ‘MSME Idea Hackathon 2.0’ and introduce the ‘MSME Idea Hackathon 3.0’ specifically designed for women entrepreneurs.
Certificates will be distributed to MSMEs that have achieved Gold and Silver ZED certification, and a subsidy of Rs. 400 crores will be digitally transferred as margin money to 10,075 beneficiaries of the Prime Minister’s Employment Generation Programme (PMEGP). Additionally, various organisations under the Government of India will sign Memorandums of Understanding (MoUs) during the event.
The Ministry aims to enhance the business environment for MSMEs through these schemes and initiatives. It seeks to foster innovation, regional growth, and domestic and global market opportunities while encouraging sustainable practices. Employment generation, productivity improvement, and enhancing the competitiveness of MSMEs across the nation are key objectives for the Ministry on this special day dedicated to celebrating the vital role of MSMEs.
