CURRENT AFFAIRS

Detailed explanation-1: -Recognising the value bestowed upon the Indian market by various small-scale businesses and industries, the 30th of August is celebrated as small scale industry day in India.

Detailed explanation-2: -The National Small Industry Day is observed in India on August 30 every year. The day recognises the contribution of small industries to the country’s growth. The day is also an opportunity for the central and state governments to encourage and support small industries.

Detailed explanation-3: -National Small Industry Day : “Every Big scale endeavor always starts from Small” 30th August 2022-Centre for Responsible Business.

Detailed explanation-4: -The day is celebrated to encourage the rise and development of small-scale businesses for the economic development of the country. This was an initiative by the Government of India which made for the growth of small-scale industries in the country.

Detailed explanation-5: -EVOLUTION OF DEFINITION OF SSI IN INDIA: In India there was no official definition of SMEs till 1950. In1950 the Fiscal Commission, Government of India, New Delhi, for the first time defined a small-scale industry (SSI) as, one which is operated mainly with hired labor usually 10 to 50 hands.