What is MSME Day?
Every year on June 27, Micro, Small, and Medium-sized Enterprises (MSME) Day is observed to honour these businesses’ contributions to the achievement of the Sustainable Development Goals (SDGs). According to the United Nations (UN), MSMEs account for up to 90% of all businesses and generate 60 to 70% employment. The contribution of MSMEs to global GDP (gross domestic product) is 50%.
This year, the United Nations and its partners recognise the crucial role of entrepreneurs in the global economy.
History of MSME Day
A resolution passed by the UN General Assembly in April 2017 declared June 27 as Micro, Small, and Medium-sized Enterprises Day. In May 2017, the United Nations launched a programme called “Enhancing National Capabilities for Unleashing Full Potentials of MSMEs in Achieving the SDGs in Developing Countries.” It was supported by the United Nations Peace and Development Fund’s 2030 Agenda for Sustainable Development Sub-Fund.
Significance of MSME Day
With the recognition of this day, the UN wants every country to recognise Sustainable Development Goals (SDGs) and create awareness about the contribution of MSMEs in achieving them.
Year 2021 theme
The theme of this year’s day is Key to an inclusive and sustainable recovery. Accordingly, the UN hosted a series of events to ideate & provide well-equipped resources to help MSMEs recover from COVID-19 disruptions.
MSME Day 2021 with myBillBook
We, at myBillBook, believe that the COVID-19 effect on MSMEs can be lowered by the timely adoption of technological advancements, especially digitisation. More than 80% of MSMEs in India rely on traditional methods of conducting business operations like maintain accounting books manually, following up physically for payments, jotting down payables & receivables using pen-paper, etc.
On this day, we want to urge business owners to adopt digitisation in their day-to-day business practices. This can be done in several ways like
- Raising invoices (GST or non-GST)
- Maintaining adequate stock-level
- Managing receivables and payables on-the-go
- Taking data-driven decisions based on reports and insights, etc.
On the occasion of International MSME Day 2021, Team myBillBook recognises and celebrates the MSMEs in India. Here’s what our CEO & founder, Rahul Raj has to say to all small business owners.