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Small Scale Industries - Economics, UPSC IAS Exam Preparation Video Lecture | Indian Economy (Prelims) by Shahid Ali
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36 videos|62 docs|78 tests
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FAQs on Small Scale Industries - Economics, UPSC IAS Exam Preparation Video Lecture - Indian Economy (Prelims) by Shahid Ali
| 1. What is the role of small scale industries in the economy? |  |
Ans. Small scale industries play a significant role in the economy by contributing to employment generation, income generation, and poverty reduction. They provide opportunities for entrepreneurship and innovation, and contribute to the overall industrial growth of a country.
| 2. How are small scale industries different from large scale industries? | |
Ans. Small scale industries are characterized by their small investment, limited scale of operation, and low production capacity. They are often run by individuals or a small group of people. On the other hand, large scale industries involve significant investment, large production capacity, and are usually run by big corporations.
| 3. What are the advantages of promoting small scale industries? | |
Ans. Promoting small scale industries has several advantages. Firstly, they create employment opportunities, particularly in rural areas, thereby reducing unemployment and poverty. Secondly, they contribute to balanced regional development by dispersing industries across different regions. Additionally, small scale industries encourage entrepreneurship and innovation, leading to economic growth and development.
| 4. What are the challenges faced by small scale industries? | |
Ans. Small scale industries face various challenges such as limited access to finance, lack of modern technology and infrastructure, and stiff competition from large scale industries. They may also face difficulties in marketing their products and accessing markets. Additionally, regulatory compliance and bureaucratic procedures can pose challenges for small scale industries.
| 5. How can the government support small scale industries? | |
Ans. The government can support small scale industries through various measures. These include providing financial assistance in the form of loans and subsidies, creating a conducive policy environment, promoting skill development and training programs, improving infrastructure and access to markets, and simplifying regulatory procedures. Government initiatives such as Micro, Small, and Medium Enterprises Development (MSMED) Act aim to provide a supportive framework for the growth and development of small scale industries.
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Oct 31, 2024 Last updated |
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