National Small Industry Day is annually observed across India on 30th August to celebrate the invaluable contributions made by the small-scale industry(SSI) towards the development and growth of India. .
- This day also aimed to promote small businesses nationwide and offer job opportunities to the unemployed for the betterment of their lives.
i.On 30th August 2000, Atal Bihari Vajpayee, then Prime Minister of India, announced a comprehensive policy package for the Small Scale Industries(SSI) sector during the first-ever National Conference on SSI organised by the Ministry of SSI and the Ministry of Agro and Rural Industries (ARI).
- The policy helped small businesses with the development of infrastructure and technology.
ii.Since then the Government of India (GoI) has formally celebrated 30th August as National Small Industry Day.
Role of Small-Scale Industries in India:
i.Small-scale Industries contribute to income generation both at the individual and national levels by providing opportunities in the form of both self-employment and entrepreneurship.
ii.India’s MSME sector had a contribution of nearly 30 per cent to India’s gross domestic product (GDP) in FY22 and a 43.6 per cent share in exports in FY23.
iii.Small Industries play an important role in promoting exports. They produce a wide range of products and services that may be imported into other countries, which helps in generating foreign cash, and growing business relationships abroad.
Note: Hence the SSI sector is a significant part of the Indian economy and constitutes ~95% of industrial units, 40% of manufacturing output, employment for over 17 million people, and 35% of all exports, and contributes over 30% of GDP.
Related International Observance:
The United Nations (UN)’s Micro, Small & Medium Enterprises (MSMEs) Day is annually observed across the world on 27th June to raise awareness about MSMEs contribution in achieving the 2030 Agenda of UN Sustainable Development Goals (SDGs).
About Ministry of Micro, Small & Medium Enterprises (M/o MSMEs):
Union Minister – Narayan Tatu Rane (Rajya Sabha- Maharashtra)
Minister of State – Bhanu Pratap Singh Verma (Constituency – Jalaun, Uttar Pradesh)