#MSMEDay #WomenEntrepreneurs #SustainableGrowth #InclusiveBusiness #EmpowerWomen #GlobalEconomy #Innovation #SustainableDevelopment
MSME Day, celebrated every year on June 27, is a significant occasion dedicated to raising awareness about the contributions of Micro-, Small, and Medium-sized Enterprises (MSMEs) to sustainable development. The United Nations General Assembly designated this day to highlight the critical role these enterprises play – in eradicating poverty, fostering inclusive growth & driving innovation. In 2024, MSME Day presents a unique opportunity – to recognize and celebrate the impact of women entrepreneurs within this sector.
MSMEs are the backbone of the global economy, representing over 90% of all businesses worldwide. They are vital in creating jobs, fostering economic growth, and contributing to sustainable development goals (SDGs). Women-led MSMEs, in particular, have shown remarkable potential in driving social change and economic empowerment too. According to the World Bank, women-led MSMEs account for 30% of all MSMEs globally, creating jobs and also contributing significantly to local economies.
Power & Resilience of Women Entrepreneurs
Women entrepreneurs, who register their businesses as MSMEs often exhibit creativity, resilience and a unique approach to business. This platform allows them to showcase their innovative ideas, products, and services, contributing to a dynamic entrepreneurial ecosystem. By fostering the growth of women entrepreneurs, MSMEs promote economic diversification and inclusive growth.
Governments and organizations worldwide have recognized the importance of supporting women entrepreneurs. Initiatives such as training programs, funding opportunities, and mentorship are designed to empower women to start and grow their businesses. These initiatives not only promote gender equality but also drive sustainable development and poverty reduction.
Why are Women-Owned MSMEs a Good Investment?
Investing in women-owned MSMEs is a strategic move towards innovation and growth. Women entrepreneurs bring diverse perspectives and solutions to the table, which are crucial in addressing complex global challenges such as climate change and environmental degradation. Tapping into the abilities of women as entrepreneurs, managers, and innovators is essential to advancing progress towards net-zero, climate-neutral, and green industries and economies.
Despite their potential, women-owned businesses make up only 20.37% of MSMEs, as stated by the MSME Ministry in their 2021-22 annual report. This underrepresentation puts the spotlight on the need for continued efforts to support and empower women entrepreneurs. By creating a more diverse and inclusive business environment, we can unlock the full potential of women-led MSMEs, driving economic growth and sustainable development.
The Importance of Empowering Women Entrepreneurs
Empowering women entrepreneurs is not just about economic growth; it’s about creating a more inclusive and equitable society. Women entrepreneurs play a crucial role in driving innovation, creating jobs, and fostering sustainable development. As countries around the world continue to grow, it is imperative to ensure that women are equal participants and beneficiaries in this journey.
So, on MSME Day, let’s celebrate the achievements of women entrepreneurs & recognize the vital role they play in the global economy. By supporting women-led MSMEs, we can create a more inclusive and sustainable future for all. Let’s leverage the power and resilience of women entrepreneurs – to drive forward the 2030 Agenda and contribute to achieving the SDGs, including poverty eradication and decent work for all.
The road ahead is loud & clear. Let’s continue to invest in women-led MSMEs & empower women entrepreneurs – to lead the way towards a sustainable and prosperous future.
Avtar Madan
Himanshu
Shree Lahiri
