Do you think small scale industries can still play a significant role in the economic development in India? Discuss their relevance in the context of objectives planning in India.
Dear Student,
Yes, Small scale industries can play a significant role in economic development due to following reasons:
1. Labour intensive: Small scale industries are labour intensive and uses much labour than the capital intensive techniques like plant and machinery. This helps in employing more labour in the employment process and in country like India where there is abundant labour, this contributes a lot in the economic development. Our planners of the economic policies thought very rightly to achieve the employment through small scale industry and hence thereby improving their standard of living.
2.Promotes inter-regional equality: Unlike large scale industries which are only set up near the places having the required raw material, small scale industries are set up in backward regions too which help in the development of those regions and thus bringing regional equality among places.
3. Needs small investments: Unlike large scale industries which require a large amount of investment, small scale industries need small investments. This promotes interpersonal equality and helps in more employment opportunities. And in country like India where availability of capital with the people is less, these industries are very suitable and helped in generating income which led to the development of the individual and the economy.
Regards
Yes, Small scale industries can play a significant role in economic development due to following reasons:
1. Labour intensive: Small scale industries are labour intensive and uses much labour than the capital intensive techniques like plant and machinery. This helps in employing more labour in the employment process and in country like India where there is abundant labour, this contributes a lot in the economic development. Our planners of the economic policies thought very rightly to achieve the employment through small scale industry and hence thereby improving their standard of living.
2.Promotes inter-regional equality: Unlike large scale industries which are only set up near the places having the required raw material, small scale industries are set up in backward regions too which help in the development of those regions and thus bringing regional equality among places.
3. Needs small investments: Unlike large scale industries which require a large amount of investment, small scale industries need small investments. This promotes interpersonal equality and helps in more employment opportunities. And in country like India where availability of capital with the people is less, these industries are very suitable and helped in generating income which led to the development of the individual and the economy.
Regards