Contributing to 45% of the country’s total industrial output and 40% of total exports. These are no ordinary figures, right?
International MSME Day is celebrated on 27 June annually to highlight the potential and significance of the smaller enterprises in the country’s economy, development, and overall growth.
Well, the MSMEs day stand true to their nature of being the backbone of the country’s economy, even though it has micro and small in its name the impact they have on the country’s overall economy and growth is immense. From small manufacturing enterprises to service providing enterprises MSMEs day have effortlessly churned out business opportunities and generated employment over time. From manufacturing units that provide energy-efficient technologies, auto part components to service providing enterprises for agricultural farm equipment, IT services these are all part of the MSME ecosystem.
As of now, the prime focus of governments is on tackling the covid-19 pandemic; the world continues to deal with several other challenges including the ongoing effects of climate change, unemployment, the failing economy, biodiversity loss, and pollution. If neglected, these crises are expected to have severe negative implications on economic growth, employment and livelihoods, human health and ecosystems. How can such MSMEs be made resilient to the looming climate crisis, to ensure that they act as a greater source of an inclusive transition towards more sustainable economies?
As MSMEs make up over 90% of all firms and account, on average, for 70% of total employment and 50% of GDP they can prove to be key factors in achieving the goal of green recovery.
Acknowledging these efforts of MSMEs in building the economy and, highlighting their potential in bringing a sustainable future, the General Assembly declared 27 June as Micro, Small and Medium-sized Enterprises Day. The first International MSME Day was celebrated on 27th June 2017 and is annually celebrated since then. The main aim behind this day is to raise public awareness of their contribution to sustainable development and the global economy.
This year the theme is “MSME 2021: Key to an inclusive and sustainable recovery.“
That is why the UN will be hosting a series of events to explore how MSMEs – the backbone of our economies – can be equipped to ensure an equitable and sustainable post-COVID-19 recovery.
Coming back, we all are witnessing that since last year the country’s economy is dwindling and many MSMEs are in troubled waters and are struggling to survive in the recurrent Covid-19 waves. Moreover, due to the rising competition among companies and businesses many smaller enterprises have failed to make their mark citing lack of resources.
Bigger MNCs or businesses have a strong online presence and have undergone digitalisation long ago which has proved beneficial for them to garner more customers in such challenging times. Whereas, the MSMEs have limited awareness about this and need proper resources and guidance when it comes to digitalisation and making their business go online.
Sighting the utmost importance of online presence has led to a rapid increase of MSMEs in online e-commerce websites and portals. One such trusted online marketplace for MSMEs in going online to market their product globally is BLUeSINGA.
BLUeSINGA is India’s top online marketplace and e-commerce portal helping MSME for B2B, B2C or D2C segment in their respective needs by providing many Consulting Services such as e-commerce services, online sales, logistics services etc.
We believe in the power of small and encourage all MSMEs to be brought online and given a proper platform to grow their businesses.