UN General Assembly while recognizing the importance of micro, small and medium enterprises in achieving the new global development goals has designated June 27 as the International Day for MSMEs. This Day highlights the strong contribution of MSMEs not only in India but worldwide in generating employment to communities and economies which need support toward the success of MSMEs said Mr. Vijay G. Kalantri, Vice Chairman, World Trade Centre Mumbai while speaking at the training programme for MSMEs.

Mr. Kalantri said that the theme of MSME Day is ‘Small Business, Big impact’. MSMEs play a pivotal role in the overall industrial development of the country. They have been a significant contributor to the national income. They not only help in providing employment opportunities to millions of people across the country, they create a sound entrepreneurial base in the economy by developing and nurturing talent, skill etc. of small and medium scale entrepreneurs. They are central to livelihoods and economies, he added.

Mr. Kalantri further said that MSMEs make up over 90% of the world’s economy. It accounts for more than 70% of all jobs worldwide. There are 500 million MSMEs in the world today. In India, SMEs accounted for 80% of jobs created every year, while in the US almost 50% employees work for SMEs and in China the corresponding figure is almost 79%.

MSMEs produce over 8500 products, 60% of employment, 40% of exports and 45% to GDP added Mr. Kalantri.

“The International Trade Centre (ITC) and the United National Department of Economic and Social Affairs (DESA) are joining with other partners to observe 27th June as MSME Day, which is marked by events such as Research Presentations, Policy Discussions, Practitioners Workshops, Business Owner Testimonials and Communication Activities which are also initiated by us,” stated Mr. Kalantri.

On the occasion of MSME Day, World Trade Centre Mumbai also organized a one-day Management Development Programme on Letter of Credit. Mr. Eknath Birari, Expert Consultant and trainer in EXIM Finance conducted the Programme. He explained the different methods of payment in international trade, significance of the Letter of Credit, mechanism in Letter of Credit with reference to UCPDC 600, different types of trade documents and checklist with reference to ISBP, with lively case studies. The session was an interactive one.

In Photo: Mr. Vijay Kalantri, Vice Chairman, World Trade Centre Mumbai lighting the lamp on the occasion of International Day for MSMEs. Also seen is Mr. Eknath Birari, Expert Consultant and Trainer in EXIM Finance.