Importance of small scale industries in economic development. Role and Importance of Small Scale Industries 2022-12-14
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Importance of Small Scale Industries in Economic Development
In this way, these industries can be owned and managed by middle-income people also. Thus, now you know the role and importance of small scale industries in an economy. The small scale industries sector contributes significantly to the manufacturing output, employment and exports of the country. People through the adoption of family planning measures, reduce the rate of population growth. In a developing economy with strong inflationary pressure and the need for a rapid rise in the living standards, the importance of such quick investment type Industries can hardly be exaggerated.
Equal Distribution of Income and Wealth: Eighthly, small-scale and cottage industries have the additional advantage that, with decentralized industries, they secure a more even distribution of income and wealth. Does not exceed 1 crore. Industry is a sector in which the production of goods is part of the economy. As a result of this, the total industrial production output rose tremendously in the last few years. The SSI can also be registered online. These industries provide an incentive to the weaker section of society to form these industries with their small savings.
What is the role of small industries in economic development?
In our socio-economic structure cottage and small scale industries hold a very significant place. These industries are exporting traditional as well as non-traditional items. For example, these are small industry ideas: napkins, handkerchiefs, chocolates, toothpicks, water bottles, small toys, paper, pens. An industrialized nation is always economically stronger and thus capable of defending itself against any aggression. The SSI sector has been able to achieve 1 to 2 percentage points higher growth than the growth achieved by the whole industries sector.
ROLE OF SMALL SCALE INDUSTRIES IN ECONOMIC DEVELOPMENT
It may be used to Greater advantage in the early stages of development if it is used to expand transport and other public utilities, irrigation, and other agricultural requirements and those forms of large-scale industry where the advantages outstandingly great. Secondly, procuring manpower and raw materials is also relatively easier for them. It contributes almost 40% of the gross industrial value added in the Indian economy. Consequently, this distributes employment patterns in all parts of the country and prevents unemployment crisis. SSIs employ both urban as well as rural populations E. Government Policy on SSI Having realized the importance of small scale industries to the Indian econmy, the government has supported the SSI through various policy measures since independence. Labour-intensive: Firstly, small-scale industries are labour-intensive, i.
This has received a statutory banking in 1984. Why small businesses are important for many economies? Industrialization brings structural changes in the pattern of foreign trade of the country. SSI performs a very significant role in generating employment opportunities in a sustainable manner. Capital-light: Secondly, small-scale industries are capital-light, i. Following is the role and importance of small scale industries: 1. There is no doubt among intellectuals, policy analysis and student about the economic development of Nations, especially to less developed countries LCD like Nigeria. This definition is still used to demarcate between small, medium and large-scale industries.
Sustaining Green Revolution Small-scale industries can help sustain the Besides, the expansion of rural income as a result of the green revolution is expected to boost the consumer demand for sophisticated items such as radios, TV sets, transistors, cycles, sewing machines and cosmetics, which the small-scale industries can conveniently meet. Reduce the dependence of agriculture: Most of the rural population will be dependent on agriculture and this creates a burden on the agricultural sector. These small-scale industries satisfy many of the investment criteria that one often prescribes for the planned development of the country. Improvement in Export: Small scale industries contribute to around 40% of the total exports done by India, which forms a significant part of the revenue earned from the exports. The Ministry of Agriculture and Rural Industry coordinates and supports the development of rural and urban villages and caddy industry, micro-industry and micro-industry.
THE ROLE OF SMALL SCALE BUSINESS IN ECONOMIC DEVELOPMENT
The development of small-scale industries will tend to correct this uneven distribution of industries in the country. The spreading of small-scale industries over the countryside would encourage the habits of thrift and investment in rural areas. This is undesirable from the social point view, because it results in the exploitation of man by man. The income of the labor, due to higher productivity increases. Therefore, this study seeks to evaluate the promotion of small scale business in Nigeria and their contribution to economic growth. In the process of liberalisation and globalisation, they are now facing competition from local industries and foreign competitors who sell higher quality products at lower prices.
. Decentralization The development of small-scale industries will being about the A major drawback in the industrial structure of our country is that the regional distribution of industries is exceedingly uneven. Small Scale Industries have been able to compete with large-scale industries and multinational Learn more about The following are some specific roles that SSIs play in the Indian economy: 1. Use of resources and development of entrepreneurial skills: Small scale industries allow for the development of entrepreneurial skills among the rural population which is not having the scope of large scale industries. A policy package for SSI has been announced in 1991 with the primary objectives of imparting more utility and growth impetus to SSIs.
Importance Of Small Scale Industries In The Economic Development Of India, IJAR
A great many people in villages and small towns will be saved from the mechanical, monotonous and robot-like life associated with big industrial cities. During Ninth Plan period, SSI was producing about 8000 items out of which 812 items 15% were reserved for protection in the small scale sector. Due to the limited technology and availability of resources, the workforce and workforce tend to be used for their production. Moreover, unlike large Industries small-scale industries do not create problems of slum housing, health, and sanitation, etc. The small scale industries offer many benefits in rural areas. Almost half of the machine parks are idle. The appointment of Karve Committee by the Planning Commission in 1955 was the first major effort towards the improvement of small scale industries.
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