Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
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Every year, Micro, Small and Medium-sized Enterprises (MSMEs) Day is celebrated on 27th June to recognise the contribution of these industries in the implementation of the Sustainable Development Goals (SDGs).
Important points:
- The United Nations (UN) designated 27th June as Micro, Small and Medium-sized Enterprises Day through a resolution passed in the UN General Assembly in April 2017.
- In May 2017, a program titled ‘Enhancing National Capacities for Unleashing Full Potentials of MSMEs in Achieving the SDGs in Developing Countries’ was launched.
- It has been funded by the 2030 Agenda for Sustainable Development Sub-Fund of the United Nations Peace and Development Fund.
Significance:
- The UN wants countries to recognise sustainable development goals and create awareness about them.
- An International Trade Centre survey on Covid-19 impact among businesses in 136 countries has shown that nearly 62 businesses have been strongly affected by the crisis, compared to just over half of firms led by men, and women-owned are 27% more likely not to survive the pandemic.
- Formal and informal MSMEs make up over 90% of all firms and account, on average, for 70% of total employment and 50% of GDP. As such, they are key actors in achieving a green recovery.
Role of MSMEs :
- They are the growth accelerators of the Indian economy, contributing about 30% of the country’s gross domestic product (GDP).
- In terms of exports, they are an integral part of the supply chain and contribute about 48% of the overall exports.
- MSMEs also play an important role in employment generation, as they employ about 110 million people across the country.
- Interestingly, MSMEs are intertwined with the rural economy as well, as more than half of the MSMEs operate in rural India.
SOURCE: THE HINDU,THE ECONOMIC TIMES,MINT
