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Indian Economy

International MSME Day

  • 28 Jun 2019
  • 3 min read

The Ministry of Micro Small and Medium Enterprises (MSME) has organized an international convention on Micro, Small and Medium Enterprises based on the theme "Indian MSMEs, Global Aspirations” to observe the International MSME day on 27th June.

  • The objective of the convention is to boost the international competitiveness of Indian MSMEs by making them aware of global trends and practices and standards in export financing.
  • The convention acted as a platform for finding business and trade partners and enabling intensive business discussion (to increase support and outreach of SME’s) with a specific focus on the interaction between international entrepreneurs and selected small and medium entrepreneurs from India.

International MSME Day

  • Since 2017, United Nation General Assembly, observes 27th June as the International Micro, Small and Medium-sized Enterprises Day to raise public awareness of their contribution to sustainable development goals.
  • International Trade Center, launched its report: "The SME Competitiveness Outlook 2019: Big money for small businesses” to address the challenges of the the MSME sector.

The International Trade Centre

  • Established in 1964, the International Trade Centre (ITC) is the joint agency of the World Trade Organization and the United Nations.
  • ITC is the only development agency that is fully dedicated to supporting the internationalization of small and medium-sized enterprises (SMEs).
  • ITC enables SMEs in developing and transition economies to become more competitive and connect to international markets for trade and investment, thus raising incomes and creating job opportunities, especially for women, young people, and poor communities.

SME’s and SDG’s

  • SMEs play an important role in the implementation of SDG 8 (decent work and economic growth) and SDG 9 (industry, innovation, and infrastructure).
    • Micro, small and medium-sized enterprises are vital in promoting innovation, creativity and decent work for all.
  • 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).
    • SDG targets 8.3 and 9.3 call for enhancing the access of SMEs to financial services.
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