Introduction: Role of MSMEs in Achieving SDGs—Perspectives from Emerging Economies

Abstract

This Introduction discusses MSMEs’ significance, furtherance, and key role in bringing off SDGs in developing countries. It analyzed theoretically the MSMEs’ contributions toward achieving SDGs. The cardinal contribution of MSMEs to broader social-economic objectives, including job creation, poverty alleviation, empowerment of people, women empowerment, and gender equity, etc., makes them a key priority area for achieving the SDGs. It assumes great importance in achieving SDGs in the context of developed economies in general and developing economies in particular, owing to its inherent characteristics of inclusive growth and sustainable development. The generation of huge employment and inclusive growth through MSMEs will often directly benefit the poor and vulnerable sections of the people, particularly women, and youth, thereby directly reducing poverty, the severity of hungry, increasing economic status, and empowerment. Besides, it leads to nurturing entrepreneurship, which is an engine of inclusive growth and stimulus for economic prosperity and empowering people. All the developing economies have taken several measures to promote SMEs by initiating various flagship programs and initiatives to stimulate further them. Besides various progressive measures of governments initiated globally, the MSMEs sector is not free from myriad problems and it requires more stimuli to strengthen it further. In addition, the COVID-19 pandemic lockdown has badly disrupted the functioning of MSMEs worldwide. It is a dire need of the day to nurture and promote this sector and make it viable to access emerging technologies, global markets, markets, and competitiveness, and to play a vital role in reaching UN targets of SDGs by 2030.