World MSME Day 2022

World MSME Day 2022

Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “World MSME Day 2022

The significant day on importance of MSME is celebrated across the globe on 27th June every year. World MSME Day plays an important role towards the integral part of the backbone of the country’s economy.

Definition of MSME:

Full form of MSME is Micro-Small and Medium-Sized Enterprises. Government of India had introduced MSME with the act of Micro, Small, and Medium enterprises development act, 2006.

World MSME Day 2022:

World MSME Day was first celebrated by the United Nations General Assembly (UNGA) in its 74th Plenary on April 6, 2017. The decision of celebrating World MSME Day made after the International Council for Small Business (ICSB) 2016 World Conference declaration on the urgent requirement to highlight the MSMEs role in the global development.

After that June 27 was specified by the United Nations as the Micro-Small and Medium-Sized Enterprises Day.

Theme of World MSME Day 2022:

The United Nations declared the theme of World MSME Day 2022 is ‘Resilience and Rebuilding: MSMEs for Sustainable Development’. On the celebration of World MSME Day 2022 the United Nations has also organized three hybrid sessions (online and offline) with entrepreneurs from across the world.

World MSME Day 2022 significance:

As per the data of United Nations, MSMEs are liable for around 70% of the total employment and 50% of the Gross Domestic Product (GDP).

Even raw material to key parts of products and services of 90% of all the firms are made by MSMEs, which is a significant contribution towards the country’s economy, MSMEs are primary for the job creation, innovation and productivity growth.

Challenges over MSMEs:

MSMEs worldwide face challenges in working conditions, productivity, and informality apart from the lack of support from the governments and administrations in spite of being a key player in generating jobs.

World MSME Day is celebrated to create the potential of such enterprises and also to use it for bolstering the global economy.

World MSME Day 2022 also focuses to raise public awareness regarding the contribution of MSMEs to global economic growth and sustainable development.

Question & Answer:

Q1. On which day World MSME day is celebrated across the world?

Ans. 27 June

Q2. In which year World MSME day was celebrated by the United Nations?

Ans. 2017

Q3. What is the theme for World MSME Day 2022?

Ans. Resilience and Rebuilding: MSMEs for Sustainable Development

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