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Small Scale Industries Day is celebrated every year in India on August 30. (Image: Shutterstock)
Small Business Day recognises the contributions of small businesses and industries to the economy.
Small Scale Industries Day is celebrated in India every year on 30 August. This day recognises the contributions of small businesses and industries to the economy. It also highlights the crucial role played by small businesses in fostering innovation, creating jobs and driving economic growth. Today, small businesses contribute nearly 40 per cent of the gross industrial value added to the Indian economy.
Small Industry Day: History
The origins of Small Industries Day date back to the year 2000, when the Indian government introduced a comprehensive policy package for small industries. To commemorate this important development, the Ministry of Small Industries declared August 30 as Small Industries Day.
The first celebration took place on August 30, 2001, when the Ministry organized a convention for small entrepreneurs in the national capital. Over time, both government institutions and the population have recognized the importance of these ventures.
Small Industry Day: Importance
The central government has been constantly working towards establishing small scale businesses across the country in order to boost employment opportunities. The main motive behind celebrating this day is to highlight the important role of small scale industries in creating employment opportunities for people in both rural and urban areas.
Small businesses are particularly labor-intensive, meaning they provide a higher proportion of employment per unit of capital invested.
To celebrate Small-Scale Industries Day, it is essential to embrace Prime Minister Narendra Modi’s call to “make our voice heard for local.”
Supporting small businesses by purchasing their goods or services helps them thrive and expand, which in turn creates more job opportunities. You can also help by promoting a local business you find interesting on social media.
The terms Small Business Registry (SSI) and Micro, Small and Medium Enterprises (MSME) Registry are often used interchangeably. The MSME Development Act, 2006 was created to assist the growth, expansion and competitiveness of MSMEs or SSIs.
On May 9, 2007, the former Ministry of Small Industry and the Ministry of Agroindustry and Rural Affairs merged to create the Ministry of Micro, Small and Medium Enterprises (MSME).
The United Nations General Assembly officially designated June 27 as MSME Day to raise public awareness of the vital role that micro, small and medium-sized enterprises (MSMEs) play in promoting sustainable development and contributing to the global economy.
India’s SME sector contributed nearly 30 per cent of the country’s GDP in FY22 and accounted for 42 per cent of exports in FY23. According to a SIDBI-TransUnion CIBIL report, the number of Indian SMEs is projected to increase from 6.30 crore to about 7.50 crore, growing at a compound annual growth rate (CAGR) of 2.5 per cent.
