New Delhi, June 27 -- Recognising the vital role of Micro, Small, and Medium Enterprises (MSMEs) in global economies, the United Nations designated June 27 as International MSME Day. This year, the Ministry of MSME is observing the day under the theme "Enhancing the Role of MSMEs as Drivers of Sustainable Growth and Innovation."

According to a data from PIB, Micro, Small and Medium Enterprises (MSMEs) form the backbone of both the Indian and global economy. In India, they are a key pillar of growth; contributing around30% to the GDPand over45% to the country's exports. By fostering entrepreneurship, generating employment and promoting inclusive development, MSMEs continue to drive economic transformation at the grassroots level.

Globall...