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: -On August 30, 2000, the Ministry of Small-Scale Industries announced a comprehensive policy package for small businesses. The policy helped small businesses with the development of infrastructure and technology. A year later, the Centre formally declared August 30 as the National Small Industry Day.

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.