August 30: National Small Industry Day

National Small Industry Day

Every year on August 30, National Small Industry Day is marked to honor the importance of small enterprises in India.
It is an annual event dedicated to promoting small businesses across the United States.
This day is commemorated to promote small companies and provide job possibilities for the unemployed.
In a developing country like India, small-scale industry is critical to economic progress. Due to the strategic importance of these industries, extra attention is paid to their development. As a result, the current trend of government policy support for small businesses has been advantageous to the expansion of small businesses.
Background
On August 30, 2000, the Ministry of Small-Scale Industries (SSI) released a comprehensive policy package for the SSI sector. Small businesses in India benefit significantly from this policy. Following that, the Ministry agreed to declare August 30 as “SSI Day.” On August 30, 2001, the Ministry conducted an SSI Convention for SSI Entrepreneurs in New Delhi and awarded National Awards. Inauguration, National Award Presentation, and Open House Discussion were the three elements of this program.


What is the significance of National Small Industry Day day?

The Indian government has made many initiatives to help people find work by establishing small-scale businesses. This day is commemorated to highlight the importance of small businesses in offering job possibilities for people in rural and urban areas. This is because small enterprises are labor-intensive, and the units of capital retain a higher share of employment. It also aids in the equitable distribution of economic power.
According to the 73rd Round of NSS Report on unincorporated non-agricultural enterprises from July 2015 to June 2016, the sector employs 11.10 crore people. The estimated employment generated in micro-enterprises during FY21 under the Prime Minister’s Employment Generation Program (PMEGP) was 5.95 lakh. Former MSME Minister Nitin Gadkari, speaking at a CII event in December last year, predicted that MSMEs would contribute 40% of GDP in five years, with a 60% share of exports and an additional five crore jobs.

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