On August 30, Small Industry Day in India honors the vital role of small businesses in innovation and job creation, marking their significant impact on the economy since 2001.
"Key Highlights:
1. Small businesses play a major role in the economy and job creation.
2. The day was established in 2000 and first celebrated in 2001.
3. The MSME sector is growing and contributes significantly to the economy."
"Small Industry Day is celebrated in India on August 30 each year. This day honors the important role that small businesses play in the country’s economy. They are essential for innovation, job creation, and overall economic growth. Currently, small-scale industries (SSIs) add almost 40% to India’s industrial value.
History of Small Industry Day
The tradition began in 2001, following a major policy introduced by the Indian government in 2000 to support small industries. The Ministry of Small-Scale Industries chose August 30 for this special day. The first event took place on August 30, 2001, with a convention for small entrepreneurs in Delhi. Over the years, this day has gained recognition from both the government and the public.
Importance of the Day
The central government promotes small-scale industries to enhance job opportunities across the nation. Small businesses are known for creating more jobs relative to the capital invested.
The terms SSI and MSME (Micro, Small, and Medium Enterprises) are often used interchangeably. The MSME Development Act of 2006 was established to support the growth and competitiveness of these businesses. On May 9, 2007, the Ministry of Small-Scale Industries merged with the Ministry of Agro and Rural Industries to form the Ministry of Micro, Small, and Medium Enterprises (MSME).
The UN General Assembly has designated June 27 as MSME Day to highlight their role in sustainable development and the global economy. In India, MSMEs contributed about 30% of the GDP in FY22 and 42% of exports in FY23. The number of MSMEs is expected to grow from 6.30 crore to around 7.50 crore, reflecting a 2.5% annual growth rate."
