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India observes second Micro-, Small and Medium-Sized Enterprises Day by organising Udyam Sangam 2018
India observed the UN proclaimed second Micro-, Small and Medium-sized Enterprises Day (MSMED) by organising Udyam Sangam-2018 inaugurated by President of India Ram Nath Kovind on June 27.

Organised by the Ministry of Micro, Small & Medium Enterprises (MSME), the event also marked launching of the Solar Charkha and MSME Sampark Portal.

It was in 2017, the UN General Assembly, recognizing the importance of these enterprises, decided to declare 27 June the Micro-, Small and Medium-sized Enterprises Day to raise public awareness of their contribution to sustainable development. MSMEs generate 60-70% of total employment and 50% of GDP worldwide.

According to the UN, MSMEs are vital in achieving the Sustainable Development Goals, in particular promoting innovation, creativity and decent work for all.

On the occasion of the observance, President Kovind said that MSME sector is called the backbone of our economy. This sector is the second largest employment provider after the agricultural sector. Our demographic dividend shall be most gainfully utilized in this very sector, stated an official release.

This sector generates more employment opportunities at a lower cost of capital. And the most important thing about this sector is that it creates jobs in rural and backward areas. This sector could help in achieving the goal of inclusive growth through empowerment of weaker sections and decentralisation of development.

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