“Success is the sum of small efforts, repeated day in and day out.” – Robert Collier –
Small industries around the world, contribute to the global economy. They have a remarkable ability to fuel the economic growth of a country by creating new job opportunities and driving innovation. These industries, due to their small scale in operation, can focus more on quality rather than quantity. Hence the competition among small industries is growing at a rapid speed. In light of celebrating these industries which form a part of the backbone of worldwide industries, August 30th has been named as the “World Small Industry Day”.
International Small Industry Day is celebrated to encourage and support small businesses around the world. When looking back at the history of this day, on the 30th of August 2000, the Ministry of Small-Scale Industries (SSI) announced a policy package for small businesses to provide proper guidance and support to small-scale industries in the country,. The policy provides significant support to small businesses, including the development of infrastructure and technology.
The International Small Industry day is typically celebrated to motivate small-scale industries in India, whether in the manufacturing or service sectors. They are categorized into five types, which are manufacturing industries, ancillary industries, service industries, feeder industries and mining industries.
Sustainability is a topic which swept across the global economy in recent years due to potential climate risks such as global warming, which is a result arised due to industrial and other waste. Often due to lack of capital and not having proper legislation, small-scale industries may find it difficult to instil sustainable practices in their operations, as sustainability comes with a cost. Hence it is also important to spread awareness among the stakeholders involved in small-scale industries about the importance of prioritizing the cost involved with sustainability.
When considering statistics, according to a report issued by the Small Business Administration in 2019, small businesses account for 44% of economic activity in the United States and create about two-thirds of new jobs and deliver 43.5% of the United States’ gross domestic product (GDP).
Recognise the value bestowed upon the global market by various small-scale businesses and industries!