Micro-Small and Medium-Sized Enterprises Day 2022: History, Significance, Facts of MSME Day

26 Jun, 2022
Micro-Small and Medium-Sized Enterprises Day 2022: History, Significance, Facts of MSME Day

What Are MSMEs

The MSMED Act of 2006 served as the basis for the criteria used to define MSME enterprises. For the production and service units, it was different. In terms of financial constraints, it was likewise extremely low (i.e. Investment amount). The economy has changed significantly since then.

Purpose of MSMEs

In this era of economic prosperity that we are currently experiencing, MSMEs have proven to be the backbone of the new India and its growth engine. By giving artisans in remote areas of the country jobs and, in turn, access to loans and other services, MSMEs have gradually helped to revitalise the artisan class. They have sparked the modernization of the nation as a whole and continuously promote the growth of the nation's infrastructure and technology.
The Micro, Small and Medium Enterprises Development (Amendment) Bill, 2018, was proposed by the Indian government to reclassify MSMEs as either manufacturing or service-providing enterprises. The requirement for routine inspections to verify the necessary investments in the plant and machinery would be eliminated under this law. Additionally, MSMEs' operations would be permitted to carry on in a transparent, impartial, and non-discriminatory manner.

Micro-Small and Medium-Sized Enterprises Day: History

On April 6, 2017, the 74th UN General Assembly adopted a resolution designating June 27 as Micro, Small and Medium-sized Enterprises Day, or MSME Day. The resolution was based on the premise that MSMEs are essential to advancing the Sustainable Development Goals, particularly in terms of encouraging innovation, creativity, and decent work for everybody. On MSMEs and their contributions to the global economy, MSME Day is anticipated to cast a spotlight.

Micro-Small and Medium-Sized Enterprises Day: Significance

MSMEs have long had difficulties, from getting loans to running their businesses. However, the issues with the supply chain are recent. Every element of our lives is impacted by these. The supply chain makes sure all products reach us effectively and affordably, from our toothpaste to the food we consume. The supply chain is crucial to corporate operations, including the sourcing of raw materials, sales, and demand forecasts. A company's entire existence is in jeopardy if the supply chain fails. India is attempting to take advantage of available economic opportunities, but supply chain problems have hindered short-term progress and clouded long-term expectations. Every industry and sector needs to be ready to reinvent itself.
In order to prevent interruptions from delaying efforts to achieve sustainable and inclusive growth, MSME Day 2022 will focus on these critical issues. The MSME Day 2022 theme is "Building a Better World," and the content for the day shows how firms and organisations can do just that. The new normal will be discussed on June 27 at MSME Day 2022, which will feature important government figures, business executives, and specialists.

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