Why we Celebrate MSME Day? 2024 Date, Theme, History and Celebrations

The United Nations General Assembly (UNGA) established International Micro, Small and Medium-sized Enterprises (MSME) Day on June 27, 2017. This was done to promote awareness about the importance of micro, small, and medium-sized firms in supporting inclusive and sustainable development around the world. It aims to highlight the role of these businesses in attaining improvement goals, stimulating innovation and creativity, and creating jobs on a global scale.

MSMEs are significant to the global economy because they generate jobs, fight poverty, and boost the economy. They are seen as the foundation of many economies, especially those in emerging nations. MSMEs frequently work in a variety of industries, including commerce, manufacturing, services, and agriculture. They promote entrepreneurship, innovation, and local development.

International MSME Day 2024: Theme

This year’s theme is ‘Building a Stronger Future Together’. The 2024 MSME Day provides an opportunity for key stakeholders, including policymakers, large corporations, financial institutions, and the international community, to discuss and exchange ideas on how to support micro, small, and medium-sized businesses in advancing the 2030 Agenda and contributing to the achievement of the SDGs, such as poverty eradication and decent work for all.

International MSME Day 2024: History

The International Council for Small Business (ICSB) reports that formal and informal MSMEs account for 70 percent of total employment and 50 percent of Gross Domestic Product (GDP) in the majority of middle-income nations.

In its 74th Plenary on April 6, 2017, the United Nations General Assembly declared June 27 as Micro, Small, and Medium-sized Enterprises Day, recognising MSMEs’ importance in achieving sustainable development goals and encouraging innovation, creativity, and job sustainability for all.

International MSME Day 2024: Significance

1. The purpose of International MSME Day is to highlight the enormous contributions of MSMEs and recognise their potential as a catalyst for economic growth, job creation, and poverty alleviation.
2. It presents an opportunity to increase awareness about the issues that MSMEs confront, such as limited access to funding, technology, talent development, and market prospects.
3. International MSME Day provides a forum for governments, politicians, business groups, organisations, and individuals to interact, share expertise, and support initiatives that benefit MSMEs.
4. It emphasises the need to assist and invest in MSMEs to achieve long-term and inclusive economic development on a national and global scale.

International MSME Day 2024: Celebrations

Union Minister for Micro, Small, and Medium Enterprise, Jitan Ram Manjhi will preside over ‘Udyami Bharat – MSME Day event in New Delhi on June 27. The 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.

Minister of State for MSME, Shobha Karandlaje and the Minister of State (Independent Charge) for Law & Justice, Arjun Ram Meghwal will also address the dignitaries and participants during the event.