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Every year on August 30, the government celebrates National Small Industry Day to recognise the relevance and contribution of small-scale enterprises in India. The day offers the federal and state governments a chance to promote and assist small businesses. The small-scale industry is critical to the Indian economy and a crucial growth indicator. National Small Industry Day is honoured around the country to stimulate the sector’s development and expansion, accounting for up to 40% of the country’s total industrial value. The day honours small businesses’ contributions to the nation’s development. These tiny enterprises employ many individuals in India.
Key Takeaways
- On August 30 each year, India celebrates National Small Industry Day
- The purpose of National Small Industry Day is to emphasise the significance of small industry in India, and small businesses are crucial to the nation’s economic development
- Small enterprises are supported and promoted on National Small Industry Day so that they can provide jobs for the public
- When there is balanced growth among small, medium, and large-scale sectors, which eventually results in the formation of new businesses, the financial situation of a nation will be improved
- When government policies adopt diverse tactics, the small size industry will prosper
What Exactly Are Small-Scale Industries?
Small manufacturing and services are typically linked with small industries. These companies employ local people, and the most that may be invested in these companies is one crore. These small businesses in India are essential for resolving the issues of unemployment and part-time work.
SSI, or small-scale industries, manufacture on a very small scale, as the name implies. These sectors often make a single-time investment in facilities such as machinery and equipment that do not surpass the rupee 10 crore level. Finally, the total revenue of these sectors is never more than 50 crores.
Importance Of The Small Business Sector
The small-scale sector is essential to the economic development of a developing country like India. In light of these sectors’ strategic importance, particular focus is given to their growth. As a result, government policy support for the small-scale industry has been advantageous and supportive of the expansion of small-scale businesses.
History of National Small Business Day
National Small Industry Day was established in August 2000, and the Indian government issued a comprehensive package for small-scale industry (SSI). The Department of Small-Scale Industries determined on August 30 that the day will be marked as SSI Day.
The SSI Day was established to recognize the efforts to establish new industries, support small, medium, and big corporations equally, and improve the nation’s financial stability.
On August 30, 2001, the ministry conducted a conference for business people in the small-scale sector in New Delhi for the first time, as well as an event to bestow national prizes. The convention began with the opening session, then the prize presentation, and concluded with an open meeting debate.
The Importance of National Small Business Day
The government has recognised small industries that have experienced rapid growth and small businesses that have created a good social or environmental impact. On this day, the government also debuts new small enterprises. On occasion, conversations are also held on measures to boost the efficiency of small firms. Small enterprises are critical to the country’s economy since they produce approximately half of the items exported from India. They significantly enhance economic activity, which is critical for a growing country like ours.
The day inspires and influences government initiatives that aim to enhance the effectiveness of the small-scale economy. MSMEs (Micro, Small, & Medium Enterprises) are an essential value chain component. The government is trying relentlessly to develop the ecosystem.
The day also emphasises the efforts being made by the centre to broaden the breadth of these industries into different services and commodities that float in the economic system of a country with over 6.3 crore MSMEs. The day commemorates the numerous possibilities and chances the industry provides for persons working in India’s urban and rural sectors.
India's Small-Scale Industry
The primary goal of establishing National Small Industries Day is to assist small-scale enterprises in India. As a result of the increasing need for humans and the natural availability of raw materials, industrial firms are continually expanding. In India, there are approximately 21 small-scale enterprises producing over 7500 items. The following are some examples of small businesses in India.
- Automobile repairs
- Tiffin services
- Pet care services
- Clothing & accessories
- Home & office furniture
All About National Small Industries Corp Ltd
The Department of Micro, Small, and Medium Enterprises formed National Small Industry Corp Ltd, a Mini Ratna government organisation in 1955. It serves as the nodal office for numerous Ministry of MSME initiatives, including MSME Databank, Single Point Registration, National SC-ST Hub, Performance & Credit Rating, and others.
