August 30: National Small Industry Day

National Small Industry Day is observed every year on August 30, to recognise the value of small businesses existing in India.

Highlights

• It is an annual celebration dedicated to encouraging small businesses across the country.
• This day is observed with the objective of encouraging small businesses and offering job opportunities to the jobless.

Significance of small-scale sector

Small-scale sector plays key role in economic growth of the developing nation like India. Considering the strategic relevance of these sectors, special emphasis is placed on its development. Thus, the trend of government policy assistance for small industry has been beneficial and favourable for the growth of small-scale enterprises.

Background

Ministry of Small-Scale Industries (SSI) had launched a comprehensive policy package for SSI Sector on August 30, 2000. This policy provides significant support to small firms in India. Ministry subsequently agreed to designate August 30 as “SSI Day”. Ministry held an SSI Convention for SSI Entrepreneurs in New Delhi and presentation of National Awards function on August 30, 2001. This program was divided into three parts viz., Inauguration, Distribution of National Awards, and Open House Discussion.

How this day is significant?

Central government has made several efforts to establish small-scale enterprises across India in order to help people in finding work. This day is marked to emphasise on the importance of small-scale enterprises in creating work opportunities for individuals in rural and urban regions. This is because, small businesses are labour-intensive and units of capital engaged in them retain higher proportion of employment. Furthermore, it helps in equitable allocation of economic power.

Month: Current Affairs - August, 2021