Question:When is the Micro, Small and Medium-sized Enterprises Day observed?
(a) 26 June
(b) 25 June
(c) 20 June
(d) 27 June
Answer: (d)
Related facts:
- Micro, Small and Medium-sized Enterprises Day was observed on 27 June 2020 across the world.
- United Nations General Assembly in its 74th plenary session held on 6 April 2017 declared 27 June Micro-, Small and Medium-sized Enterprises Day, to raise public awareness of their contribution to sustainable development and the global economy.
- MSMEs which generally employ fewer than 250 persons, are the backbone of most economies worldwide and play a key role in developing countries.
- According to the data provided by the International Council for Small Business (ICSB), formal and informal Micro-, Small and Medium-sized Enterprises (MSMEs) make up over 90% of all firms and account, on average, for 70% of total employment and 50% of GDP.
Role of MSME in India:
- The Indian MSME sector is the backbone of the national economic structure and has unremittingly acted as the bulwark for the Indian economy, providing it resilience to ward off global economic shocks and adversities.
- It is the second largest employer after agriculture.
- MSME sector accounts for 45 percent of total exports and contributes very significant about 25 percent to the GDP.
Classification of micro, small and medium enterprises:
- On 1st June 2020 Government has revised the scales of categorization of MSMEs.As of now:
- A micro enterprise is one where the investment in Plant and Machinery or Equipment does not exceed one crore rupees and turnover does not exceed five crore rupees
- A small enterprise is defined as the enterprise where the investment in Plant and Machinery or Equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees
- An enterprise will be considered a medium, where the investment in Plant and Machinery or Equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees.
By-Amar Mani Upadhyay
Links: https://www.un.org/en/observances/micro-small-medium-businesses-day#:~:text=That%20is%20why%20the%20General,development%20and%20the%20global%20economy. https://msme.gov.in/sites/default/files/MSME_gazette_of_india_0.pdf https://www.cii.in/Sectors.aspx?enc=prvePUj2bdMtgTmvPwvisYH+5EnGjyGXO9hLECvTuNuXK6QP3tp4gPGuPr/xpT2f