India’s Ministry of Micro, Small and Medium Enterprises (MSME) recently coordinated an international convention focused on Micro, Small and Medium Enterprises with the central theme of “Indian MSMEs, Global Aspirations”. Timed to coincide with International MSME day, which falls on 27th June, the convention aimed to bolster the international competitiveness of Indian MSMEs.
The Objective of the Convention
The main aim of the convention was not just to increase global awareness about Indian MSMEs but also to enhance their understanding of worldwide trends, practices, and standards in export financing. The event served as a platform for intensive business discussions and collaboration, promoting SME outreach and support while spotlighting on the interaction between international entrepreneurs and a selected group of small and medium-sized businesses from India.
International MSME Day and its Significance
The United Nations General Assembly commenced the observance of International Micro, Small and Medium-sized Enterprises Day on 27th June 2017. The aim of this observance is to increase public awareness about the contribution of MSMEs towards achieving sustainable development goals. Launching alongside this event was the International Trade Center’s report on “The SME Competitiveness Outlook 2019: Big money for small businesses”, aimed at addressing the challenges faced by the MSME sector.
| Date of Establishment | Name of the Organization | Main Objective |
|---|---|---|
| 1964 | International Trade Centre (ITC) | To support the internationalization of SMEs |
| 2017 | International MSME Day | To raise public awareness of MSMEs’ contribution to SDGs |
The Role of the International Trade Centre (ITC)
Established in 1964, the ITC is a joint venture between the World Trade Organization and the United Nations. Its primary responsibility is to assist the internationalization of small and medium-sized enterprises (SMEs). It enables SMEs in developing and transition economies to increase competitiveness and connect to international trade and investment markets, thus enhancing incomes and creating job opportunities particularly for women, young individuals, and poor communities.
SME’s Contribution to Sustainable Development Goals (SDGs)
SMEs are crucial in attaining SDGs, specifically SDG 8 (decent work and economic growth) and SDG 9 (industry, innovation, and infrastructure). These enterprises are vital for promoting innovation, creativity, and ensuring decent work for all. Enhancing access to finance for SMEs across key sectors of national economies represents a vital component in the implementation of Sustainable Development Goals (SDGs). SDG targets 8.3 and 9.3 emphasize the importance of improving the access of SMEs to financial services.
