give reason why small scale industries need to be encouraged in India in preference to large scale industries
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2
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Small scale industries (SSIs) also known as MSMEs are defined & categorized by the Micro, Small & Medium Enterprises Development Act, 2006. The act categorizes different scale of industries on the basis of investment in plant & machinery in case of manufacturing industries and on the basis of investment in equipment in case of service sector industries.
SSIs are the backbone of the world economy and this is the main reason why even governments are providing various sops and financial benefits for encouraging more and more MSMEs to flourish. Existence of small-scale industries is must as:
1. Partner in nation building:
2. Customized Products:
3. Employment to local people:
4. Creation of jobs.
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Small scale industries (SSIs) also known as MSMEs are defined & categorized by the Micro, Small & Medium Enterprises Development Act, 2006. The act categorizes different scale of industries on the basis of investment in plant & machinery in case of manufacturing industries and on the basis of investment in equipment in case of service sector industries.
SSIs are the backbone of the world economy and this is the main reason why even governments are providing various sops and financial benefits for encouraging more and more MSMEs to flourish. Existence of small-scale industries is must as:
1. Partner in nation building:
2. Customized Products:
3. Employment to local people:
4. Creation of jobs.
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Answered by
0
Answer: Small scale industries are important because it helps in increasing employment and economic development of India. It improves the growth of the country by increasing urban and rural growth. ... Small scale manufacturing industries and cottage industries play a very important role in the economic development of India.
Explanation:
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