MSME Day 2022:"Resilience and Rebuilding: MSMEs for Sustainable Development"

June 27 is observed as MSME Day|

27 June marks the annual celebration of micro, small and medium-sized enterprises. On April 6, 2017, the United Nations General Assembly adopted a resolution recognising the role that MSMEs play in achieving the UN SDG Goals 2030. Resolution (A/71/279) was adopted during the session decided to observe June 27 as “Micro-, Small and Medium-Sized Enterprises Day”. Ever since June 27 is celebrated as the MSME Day.

Small and micro enterprises constitute 90% of the enterprise population worldwide. Their contribution to employment, GDP, and manufacturing output are all significant in any economy. They are the backbone of the global economy.

SME Development a high priority area for governments and development agencies.

600 million jobs will be needed by 2030 to absorb the growing global workforce, which makes SME development a high priority for many governments around the world.In emerging markets, most formal jobs are generated by SMEs, which create 7 out of 10 jobs. Increasing annual investments in small and medium-sized enterprises by $1 trillion would yield disproportionate dividends in terms of progress towards the Sustainable Development Goals. Small firms in developing countries are among the most concerned about climate change: 68% of companies in sub-Saharan Africa say that environmental risks are significant to their business, according to research by the International Trade Centre (ITC). Half of surveyed companies in developed countries say the same.

Relevant portion of the Resolution adopted by the General Assembly on 6 April 2017, A/RES/71/279

Decides to designate 27 June as Micro-, Small and Medium-sized
Enterprises Day;

Invites all Member States, organizations of the United Nations system
and other international and regional organizations, as well as civil society, including
non-governmental organizations, academia, individuals and other relevant
stakeholders, to observe the Day in an appropriate manner and in accordance with
national priorities, in order to raise public awareness of their contribution to
sustainable development;
Invites Member States to facilitate the observance of the Day by fostering
research presentations, policy discussions, practitioner workshops and business
owner testimonials from around the world, to the extent possible, in collaboration
with public, private and non-profit organizations, and stresses that the cost of all
activities that may arise from the implementation of the present resolution should be
met from voluntary contributions.

Resilience and Rebuilding: MSMEs for Sustainable Development.

MSME Day 2022, June 27, is the 5th anniversary of MSME Day. The focus of this year’s celebration is Resilience and Rebuilding: MSMEs for Sustainable Development.

This year, the International Trade Centre (ITC) marks the 5th anniversary of MSME Day, and small businesses are more than ever in need of support, as they navigate the impacts of the COVID pandemic, conflicts and the climate crisis. They are the hardest hit by these multiple shocks, and at the same time play a critical role in building back stronger.

MSMEs have to become more resilient to future shocks, and efforts and stimulus packages must target those most heavily affected by disruptions to global supply chains, rising inflation, and the continuing ramifications of the COVID-19 pandemic.

Policymakers must move beyond recovery and consider ways in which to lower and eliminate barriers faced by MSMEs, improve the business environment and access to finance, markets and technology in these fragile times. It is critical that countries and their development partners continue to support and empower MSMEs and unlock their full potential through inspiring innovation, creativity and decent work for all.