Small-scale industries in India in 1950 were defined as all those industries in which the maximum investment amounted to:
- AOption (a)
₹5 lakh
- BOption (b)
₹7 lakh
- COption (c)
₹8 lakh
- DOption (d)
₹6 lakh
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Correct answer
₹5 lakh
Why this answer is correct
The correct answer is ₹5 lakh.
Key Points
- In 1950, small-scale industries in India were defined based on the maximum investment limit.
- The maximum investment for small-scale industries was set at ₹5 lakh.
- This classification helped in identifying and promoting small-scale industries which were crucial for the economic development of India.
- Small-scale industries played a significant role in generating employment and reducing regional disparities.
Additional Information
- Definition of Small-Scale Industries:
- Small-scale industries are those that are characterized by the small amount of investment in machinery and equipment.
- These industries are usually labor-intensive and require less capital investment.
- Role in Economic Development:
- They contribute significantly to the GDP of the country.
- They provide employment opportunities, especially in rural and semi-urban areas.
- Government Support:
- The government has provided various incentives, subsidies, and support schemes to promote small-scale industries.
- These measures include financial assistance, technical training, and marketing support.
- Challenges Faced:
- Lack of access to modern technology and skilled labor.
- Limited access to credit and financial resources.
- Competition from large-scale industries and imports.