National Small Industry Day
Part of: GS Prelims and Mains GS-III- Economy
Context: Every year on August 30, the country celebrates National Small Industry Day.
- India is home to more than 6.3 crore MSMEs and contributes 45% of the total exports.
Some of the key reforms introduced by Ministry of MSME are:
- Revision of MSME definition: The Government revised the MSME classification by inserting composite criteria of both investment and annual turnover.
- Udyam Registration: Udyam is an online and simplified procedure of filing of registration which enables MSMEs to obtain registration without any documentation and fees. Ministry of MSME has also commenced integration of Udyam Registration portal with GeM so that MSEs can participate in Government procurement easily.
- Champions Portal: The platform facilitates a single window solution for all needs of MSMEs. It is an 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): It has been launched to promote entrepreneurship culture in the SC-ST community and cater to the challenge of market linkages, finance facilitations, capacity building etc. It helps fulfill the 4% procurement target mentioned in the Public Procurement Policy order, 2018.
- Self-Reliant India (SRI) Fund: The scheme is expected to facilitate equity financing of Rs.50,000 crore in the MSME Sector. The infusion of equity will also facilitate MSMEs to scale-up their business & growth and provide an opportunity to get MSMEs listed in stock exchanges.
- Procurement Policy: For providing marketing support to MSEs, all Central Ministries/Government Departments and Central PSUs are required to procure 25% of their annual requirements of goods and services from MSEs including 4% from MSEs owned by SC/ST and 3% from MSEs owned by women entrepreneurs under the Public Procurement Policy.
- Establishment of Enterprise Development Centers (EDCs): With a view to provide Information related to MSMEs at one place, Enterprise Development Centres (EDCs)have been conceptualized. Till date Ministry of MSME has set up 102 EDCs across India. The aim of these centers is to build a network of entrepreneurial leaders by providing professional mentoring and handholding support services to existing as well as aspiring MSMEs with special focus on rural enterprises on continuous basis.