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Small scale industries in 1950 were defined as all those industries in which maximum investment was ________ lakh rupee
- a)Once Crore
- b)Ten
- c)Twenty
- d)Five
Correct answer is option 'D'. Can you explain this answer?
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Small scale industries in 1950 were defined as all those industries in...
Small scale industries are those industries in which production is carried out on a small scale, and the investment capital is also minimal. These industries play a crucial role in the economic development of a country, particularly in developing countries like India.
- Definition in 1950: In 1950, small scale industries were defined based on the amount of investment made in them. The maximum investment limit set for these industries was five lakh rupees. Any industry with an investment below or equal to this amount was considered a small scale industry.
- Significance of the Definition: This definition was important as it helped in distinguishing small scale industries from other types of industries. The categorization aided in the formulation of policies and strategies specifically aimed at promoting and supporting these industries.
- Change Over Time: Over time, the definition of small scale industries has changed to accommodate the changing economic conditions. The investment limit has been revised upwards several times to keep up with inflation and economic growth.
- Current Scenario: In the present scenario, the definition of small scale industries varies from country to country and even within different sectors of the same country. In India, the definition is based on the investment in plant and machinery for manufacturing industries and on equipment for service enterprises.
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Small scale industries in 1950 were defined as all those industries in...
Definition of Small Scale Industries in 1950
In 1950, small scale industries were defined as all those industries in which the maximum investment was five lakh rupees. This definition was put in place to differentiate small scale industries from large scale industries based on their capital investment.
Significance of the Investment Limit
The investment limit of five lakh rupees was set to support and promote the growth of small scale industries by providing them with certain benefits and incentives. These industries typically have limited financial resources and require assistance to compete with larger enterprises.
Government Support for Small Scale Industries
By categorizing industries based on their investment size, the government could tailor policies and schemes to specifically benefit small scale industries. These measures included access to credit, subsidies, tax breaks, and other forms of support to help them grow and contribute to the economy.
Growth and Development of Small Scale Industries
The definition of small scale industries in 1950 played a crucial role in fostering the growth and development of these enterprises. By recognizing their unique needs and challenges, the government could create a conducive environment for their success.
Evolution of Small Scale Industries
Over the years, the definition and criteria for small scale industries have evolved to reflect changes in the economic landscape. However, the investment limit of five lakh rupees in 1950 marked a significant milestone in the history of small scale industries in India.
In 1950, small scale industries were defined as all those industries in which the maximum investment was five lakh rupees. This definition was put in place to differentiate small scale industries from large scale industries based on their capital investment.
Significance of the Investment Limit
The investment limit of five lakh rupees was set to support and promote the growth of small scale industries by providing them with certain benefits and incentives. These industries typically have limited financial resources and require assistance to compete with larger enterprises.
Government Support for Small Scale Industries
By categorizing industries based on their investment size, the government could tailor policies and schemes to specifically benefit small scale industries. These measures included access to credit, subsidies, tax breaks, and other forms of support to help them grow and contribute to the economy.
Growth and Development of Small Scale Industries
The definition of small scale industries in 1950 played a crucial role in fostering the growth and development of these enterprises. By recognizing their unique needs and challenges, the government could create a conducive environment for their success.
Evolution of Small Scale Industries
Over the years, the definition and criteria for small scale industries have evolved to reflect changes in the economic landscape. However, the investment limit of five lakh rupees in 1950 marked a significant milestone in the history of small scale industries in India.
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Small scale industries in 1950 were defined as all those industries in which maximum investment was ________ lakh rupeea)Once Croreb)Tenc)Twentyd)FiveCorrect answer is option 'D'. Can you explain this answer?
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