Read the following statement given below and choose the correct alternative Statement 1 The investme...........

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Read the following statement given below and choose the correct alternative

Statement 1- The investment limit of small scale industries is INR 10 crore

Statement 2- There are 68 items which are reserved for small scale industry

Both are correct

Both are incorrect

Statement 1 is correct and statement 2 is incorrect

Statement 1 is incorrect and statement 2 is correct

Explanation:

- Statement 1: The investment limit for small scale industries was traditionally capped lower than INR 10 crore. However, recent definitions of MSMEs (Micro, Small, and Medium Enterprises) define small enterprises with an investment limit up to INR 10 crore, considering new reforms.

- Statement 2: The list of items reserved for small scale industries, known as SSI reservation, has been almost entirely removed in recent years to promote competitiveness and market dynamics.

- Option 1: Both statements are incorrect under current policy frameworks.

- Option 2: Both statements are generally incorrect as of recent updates and realignments in policy.

- Option 3: The first statement is correct only in the context of recent redefinitions, but not universally.

- Option 4: The second statement is outdated, so only the first statement holds recent validity in specific contexts.

Answer: Option 2 - Both are incorrect.