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National Small Industry Day

Aug, 30, 2021, celebrated as National Small Industry Day.

 

Why MSMEs are important?

  • MSMEs are an integral part of the value chain, offering diversified products on one hand and delivering intermediate goods for the large-scale industries on the other. It is one of the largest employment generator and backbone of Indian economy.

 

  • India is home to more than 6.3 crore MSMEs, with overall contribution of 45 percent.

 

  • In past few years we have emerge as one of the leading economies in the world, poised to become USD 5 trillion economy by 2025.

 

What are Policy Initiative taken by Ministry of MSME ?

Ministry of MSMEs has undertaken interventions to enhance MSME ecosystem in India, Some of the key reforms introduced are as:

 

  • Revision of MSME definition
  • Udyam Registration: online and simplified procedure of filing of registration.
  • Champions Portal: ICT based technology system aimed at making the smaller units big by solving their grievances, encouraging, supporting, helping and handholding throughout the business lifecycle.
  • National SC-ST Hub (NSSH): Promote entrepreneurship culture in the SC-ST community and fulfill the 4% procurement target mentioned in the Public Procurement Policy order, 2018.
  • Self-Reliant India (SRI) Fund
  • Procurement Policy: All Central Ministries/Government Departments and CPSEs are required to procure 25% of their annual requirements of goods and services from MSEs.

 

Source: PIB

 

Keywords
National Small Industry Day, Aug 30 Small Industry Day, Raman IAS UPSC, MPPSC.