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    BlogLegal BlogsSmall Industry Day, 30 August 2020 - LT Special

    Small Industry Day, 30 August 2020 – LT Special

    On the occasion of Small Industries Day on 30th August, 2020. We are sharing small info & facts related to the Small Industries.

    Significance of Small Industries

    National Small Industry is observed every year to commemorate the effort taken to provide a balanced boom to existing small, medium, and large scale enterprises to support and elevate small industries.

    40% of the gross output of products in India is supplied by small scale industries; it plays an important role in Indian development. Recognizing this Indian government announced a policy for supporting small scale industry on 30th August 2000 and decided to celebrate National Small Industry day or National industrial Day on 30th August annually.

    • It seeks to provide assistance for setting up new industries to uplift the state’s financial health.
    • Small scale industries contribute to local employment opportunities and also raise industrial productivity and exports, which has a remarkable impact on the Indian economy.
    • These small scale industries make an investment in machinery, plants at once, which does not exceed INR 1 crore.
    • This sector also provides employment to 18.6 million persons across India.

    History of Small Industries 

    • An extensive policy package was announced for the SSI sector on 30th August 2000 which provided a substantial measure of support to small businesses in India.
    • It was then decided that the Ministry would commemorate 30th August of every year as “SSI Day”.

    MSME Act, 2006 

    • It provides the first-ever legal framework for recognition of the concept of enterprise and integrating the three tiers of these enterprises i.e. micro, small, and medium.
    • Under this act, the enterprises are categorized broadly in two categories i.e. manufacturing and service sector.
    • Manufacturing Sector- Annual turnover b/w Rs. 5 cr. To Rs. 75 cr.
    • Service SectorAnnual turnover b/w Rs. 5 cr. To Rs. 75 cr.

    Types of small scale Industry based on investments

    IndustryManufacturing SectorService sectors
    MicroLess than 25 lakhLess than 10 lakh
    SmallMore than 25 lakh, Less than 5 croreMore than 10 lakh, Less than 2 crore
    MediumMore than 5 crore, Less than ten croreMore than 2 crore, Less than 5 crore

    Some products manufactured by the Small Industries are as follows

    There are 21 major small scale industries in India and over 7500 products are manufactured. Few of them are listed below
    1. Cotton Textiles
    2. Electrical & Machinery Parts
    3. Food Products
    4. Chemical Products
    5. Rubber & Plastic Products
    6. Metal Products
    7. Wood Products
    8. Paper Products & Printing
    9. Leather & Leather Products
    10. Beverages and Tobacco

    Legal Thirst is celebrating Small Efforts, they will turn into BIG one day for sure.

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