Consider the following statements 1 In India a small scale industry is de fi ned only on the basis o...........

Indian Economic System(CSC) Industry

Consider the following statements:

1. In India, a small scale industry is de fi ned only on the basis of their scale of investments.

2. Karve Committee in 1955 laid emphasis on small-scale industries for promoting rural development in India.

Which of the above statements is/are correct?

1 only

2 only

Both 1 and 2

Neither 1 nor 2

2 only

Small scale industries are businesses engaged in activities that are done on a very low scale.
Investment in small scale industries doesn't exceed 10 crores.
Therefore belongs to the micro and small enterprise category (MSE) of the MSME classification for Indian companies.
The Karve Committee is also known as the village and small-scale industries committee was set up in 1955.
It was set up to find out the potential of utilizing small-scale industries for promoting rural development.