Today is National Small Industry Day: Here’s Everything You Need to Know

Today is National Small Industry Day: Here’s Everything You Need to Know

Aug 30, 2023

Girish Khurana

The National Small Industry Day is observed annually on August 30 to celebrate the contribution made by the small-scale industry to India’s growth

On August 30, 2000, the government reportedly launched an extensive policy package for small industry and since then National Small Industry Day has been observed in the country

Small Scale Industry (SSI) registration is used interchangeably with micro, small, and medium enterprise (MSME) registration while the MSME Development Act 2006 enables the promotion and development of MSMEs or SSIs

The government had merged the former Ministry of Small-Scale Industries and the Ministry of Agro and Rural Industries back in 2007 to set up the Ministry of MSME

The National Small Industry Day is in contrast to the June 27 declared as MSME Day by the UN General Assembly to enhance public awareness of MSMEs’ contribution to sustainable development and the global economy

The day has been celebrated since 2017 following a resolution passed in the Assembly during the year

According to a UN blog, formal and informal MSMEs make up over 90 per cent of all firms and account, on average, for 70 per cent of total employment and 50 per cent of GDP worldwide

India’s MSME sector had a contribution of nearly 30 per cent to India’s gross domestic product (GDP) in FY22 and 43.6 per cent share in exports in FY23

The number of Indian MSMEs is expected to grow from 6.30 crore to around 7.50 crore in the coming times, growing at a CAGR of 2.5 per cent, as per a recent SIDBI-TransUnion CIBIL report

Images: Pexels