The importance of Micro, Small and Medium Enterprises (MSMEs) in the circular economy is gaining more traction each passing day as it walks into a new course of development. MSMEs account for 90 per cent of businesses, over 70 per cent of employment and 50 per cent of the worldwide GDP according to the UN and are the core business of many economies.
“They are not just businesses; they are the heartbeat of our economy, fuelling innovation, creating jobs, and fostering inclusive development,” said Dilip Modi, Founder and Chief Executive Officer (CEO) of Spice Money. “As we strive towards the USD five trillion GDP milestone, MSMEs will play a pivotal role in shaping India's economic future. The 4.57 crore MSMEs registered on the Udyam portal, including the Udyam Assist Platform (UAP), stand as a testament to the sector's resilience and potential. These enterprises have already generated 19.5 crore jobs, with over 4.3 crore women contributing significantly to the workforce,” he added.
Historically, MSMEs have sustained the livelihoods of the working poor, women, youth and vulnerable groups in society. With the potential to transform economies, foster job creation and promote equitable economic growth, MSMEs require adequate support.
“From Jaipur’s local businesses renowned for their handcrafted excellence to Bengaluru startups leveraging AI solutions for personalised customer experiences. These powerhouses will prove to be the engines of growth, contributing to the projected USD 300 billion Indian eCommerce market,” said Saahil Goel, Managing Director (MD) and CEO of Shiprocket.
27 June is designated as World MSME Day by the United Nations General Assembly to celebrate their vital role and contributions in achieving the United Nations Sustainable Development Goals (SDGs).
This year's event will be organised by the UN along with the International Council for Small Business (ICSB), as well as the Permanent Missions of Argentina and the Republic of Korea to the United Nations Office in Geneva.
On this day, a workshop will be broadcast live by the UN Trade and Development, the International Council for Small Business and other partners, to discuss the role, potential and challenges of MSMEs in achieving the SDGs as well as other international commitments, focusing on the circular economy. International experts and representatives from all stakeholder groups will be participating in the event.
World MSME Day offers valuable insights, networking opportunities and strategies to drive growth, innovation and success in the MSME sector for an MSME owner, business professional, government official, investor, academic or part of a support organisation.
Conflicts, commodity dependence, geopolitical tensions and pandemics driving social and economic instability, disturb the global working environment for entrepreneurs and make MSMEs vulnerable to rising inflation and supply chain disruptions.
Women and youth-owned enterprises are among the most vulnerable, often at risk of external shocks. As they face limited access to affordable finance, capacity-building support, partnership networks and global markets. The 2030 Agenda’s promise; “leave no one behind” for Sustainable Development and its Sustainable Development Goals must cater to these groups and help them overcome their confinement to informality and necessary entrepreneurship.
This year, the focus of World MSME Day will be on supporting resilient supply chains to ensure benefits for workers and the environment.
Policymakers and businesses must work together to ensure economically viable, socially and environmentally sustainable supply chains as supply chains are a critical part of global trade and commerce, but conflicts, disasters and pandemics can quickly impact the functioning of supply chains.
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