World MSME Day 2022 theme: World MSME Day is observed every year on June 27 all over the world to highlight the significance of MSMEs and how they play a crucial role in being the backbone of the country’s economy. Micro-Small and Medium-Sized Enterprises are the organizations that do not usually employ more than 250 employees, however, are responsible for creating more than two-thirds of all jobs globally. World MSME Day 2022 recognizes the potential of MSMEs and their role in strengthening the economies globally. World MSME Day 2022 also aims to raise public awareness regarding the contribution of MSMEs to global economic growth and sustainable development.
MSMEs : The Growth Engines of New India#InternationalMSMEDay #MSMEDay #IMD2022 pic.twitter.com/rY4tYnpRp5
— Ministry of MSME (@minmsme) June 26, 2022
World MSME Day 2022 theme
The theme of World MSME Day 2022 announced by the United Nations is- Resilience and Rebuilding: MSMEs for Sustainable Development. To celebrate World MSME Day 2022, the United Nations has also recognized three hybrid sessions (online and offline) with entrepreneurs from across the world.
World MSME Day 2022
World MSME Day was first marked by the United Nations General Assembly (UNGA) in its 74th Plenary on April 6, 2017. The decision of observing World MSME Day came after the International Council for Small Business (ICSB) 2016 World Conference declaration on the urgent need to recognize the MSMEs role in the global development.
Later, June 27 was designated by the United Nations as the Micro-Small and Medium-Sized Enterprises Day.
World MSME Day 2022 significance
As per the United Nations, the formal and informal MSMEs account for 70 percent of the total employment and 50 per cent of the Gross Domestic Product (GDP).
Moreover, MSMEs make up 90 per cent of all the firms. With such a significant contribution to the country’s economy, MSMEs are essential for the job creation, innovation and productivity growth.
However, despite being a key player in generating jobs, MSMEs worldwide face challenges in working conditions, productivity, and informality apart from the lack of support from the governments and administrations.
World MSME Day is celebrated to unlock the potential of such enterprises and also to utilize it for bolstering the global economy.
World MSME Day 2022: What are MSMEs?
Micro-Small and Medium-Sized Enterprises play a crucial role in being the backbone of the economies all around the world. As per the International Council for Small Business, MSMEs, which typically employ not more than 250 people, account for the 70 per cent of the total employment and 50 per cent of the Gross Domestic Product in most middle-income countries.
As per the definition, Micro-enterprises are the ones that employ fewer than 10 people, while small-enterprises employ fewer than 50 people and medium-sized companies are the ones which have fewer than 250 employees.
World MSME Day 2022: How MSMEs overcame pandemic?
Micro-Small and Medium-Sized Enterprises (MSME) sectors suffered massive losses amid the outbreak of the COVID-19 pandemic and the subsequent restrictions on the movements worldwide.
However, while the businesses have been on the recovering mode for a few financial quarters now, new challenges, including the Russia-Ukraine conflict and the inflation, are again testing the resilience of the MSMEs. As per the United Nations, the MSMEs led with the aid of women, ethnic minorities, and migrants were the most impacted during the pandemic.
However, amid the challenges of pandemic, several MSMEs digitized their business operations and focused on their online presence in order to cut their input costs and reach a wider market. As MSMEs don’t have a wider presence, it is much easier for them to pivot their business model in comparison to the bigger firms.
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