MSME Day 2020: History And Significance of The Day That Recognises Importance of Small Business in Achieving Development And Generating Employment

Since 2017, June 27 is observed as Micro, Small and Medium-sized Enterprises Day or MSME Day. The world observes MSME Day in recognition of the importance of Micro, Small and Medium-sized Enterprises in achieving development goals, promoting innovation and creativity and generating jobs globally. The MSME Day 2020 is being observed amid the coronavirus (COVID-19) pandemic and subsequent lockdown in several countries that have a far-reaching impact on small business. Indian Banks Sanction over Rs 75,000-Crore Loans to MSMEs Under Credit Guarantee Scheme.

Micro, Small and Medium-sized Enterprises, which generally have fewer than 250 employees, are considered the backbone of most economies worldwide and play a key role in developing countries. Moreover, MSMEs are responsible for significant employment and income generation opportunities across the world and have been identified as a major driver of poverty alleviation and development. MSME Day 2020: Bada Business CEO Dr Vivek Bindra to Attempt to Create Record of Holding World's Largest Business Strategy Webinar on YouTube on June 27.

According to the data provided by the International Council for Small Business (ICSB), formal and informal MSMEs account, on average, for 70 percent of total employment and 50 percent of GDP. Therefore, the United Nations' General Assembly has declared June 27 as Micro-, Small and Medium-sized Enterprises Day.

MSMEs are instrumental in achieving the Sustainable Development Goals. Efforts to enhance access to finance for SMEs across key sectors of national economies are an important element of the implementation of the Sustainable Development Goals (SDGs).

(The above story first appeared on LatestLY on Jun 27, 2020 08:30 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).