Classify and explain, industries on the basis of size
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If we talk about the basis of size, then there are four types of industries, i.e. large scale industries, small scale industries, medium industries and cottage industries. Industries on the basis of size differ from others due the amount of capital invested, number of individuals employed and the volume of production.
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industries can be classified into the following types based on size:
large scale industries:
- there is a huge amount of capital invested in the business
- advanced technology is used
- eg: iron and steel industries,automotive industry etc.
small scale industries:
- investment is usually less than 1 crore
- eg: leather industry,silk weaving etc
cottage industries:
- these are household industries and products are manfactured by hand
- family labour is used
- investment is usually between 2-3 lac
- eg:basket weaving
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