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Question
Explain the following term/concept.
Small Scale Industry.
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Solution
A small-scale industry is an industrial unit in which the investment in plant and machinery is limited and production is done on a small scale. These industries are usually owned and managed by individuals or small groups. They use local resources, generate employment, and contribute to regional development. Earlier, such industries were defined by an investment limit of up to ₹1 crore in plant and machinery, but under the updated MSME norms (2020), a small enterprise is one with an investment up to ₹10 crore and a turnover up to ₹50 crore.
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