What are large-scale industries? Explain the importance of large
scale and cottage industry.
Answers
Answer:
"large-scale industry" refers to factories that combine at least three characteristics: use of machinery, employment of wage labor, and the application of regulatory measures such as the Factory Act or Disputes Act.
Explanation:
They provide an impetus to the industrialization of the country.
Large scale industries, usually, produce capital and basic goods (instruments, machines, chemicals, etc.)
They are capable of generating funds for the research and development of new technologies.
Due to the large scale of operations, they have the potential to lower the cost of goods.
Further, they create opportunities for small-scale and cottage industries to evolve and flourish.
Also, the employment opportunities created by large scale industries are huge.