Importance of small scale industries in economic development. What is the role of small industries in economic development? 2022-10-29
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Importance of Small Industries
P is relatively low, therefore, there is general unemployment 25 % in 2009, and disguised unemployment is increase in agriculture sector. 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. Income is more equitably distributed. After agriculture, small businesses are the second largest employment provider in the Indian economy. If the supply of consumer goods does not exist as it leads to price rise, which will thus not only lower the standard of living of the poor workers but will also jeopardize the very process of growth.
THE ROLE OF SMALL SCALE BUSINESS IN ECONOMIC DEVELOPMENT
The traditional village and cottage industries as distinguished from modern small scale industries are mostly unorganised and located in rural areas and semi-urban areas. Developed industrial sector means development and economic welfare of the individuals. In this way, these industries can be owned and managed by middle-income people also. Equal income distribution: Small scale industries by generating employment opportunities create equal income opportunities for the youth of the underdeveloped areas. Solved Question on Importance of Small Scale Industries Question: Match these features of SSIs with the nature of the roles they play in the economy. In comparison to big corporations, small businesses generate the most number of employment opportunities per unit of capital invested.
17 Role and Importance of Small Scale Industries (Economy)
Persons desirous of establishing these industries accumulative savings and also mobilize saving from other members. Industrialization brings structural changes in the pattern of foreign trade of the country. Further, the encouragement of small-scale industry would serve to counteract the seasonal unemployment in agriculture and thus to utilise labour which might otherwise go to waste. These industries are exporting traditional as well as non-traditional items. Therefore, this study seeks to evaluate the promotion of small scale business in Nigeria and their contribution to economic growth. Almost four persons can get full employment if Rs. The contribution of SSIs to the manufacturing sector and GDP as a whole is significant in terms of its share in total value added.
SSI Sector in India creates largest employment opportunities for the Indian populace, next only to Agriculture. There is a demand of finished products within and outside the country. These industries provide an incentive to the weaker section of society to form these industries with their small savings. Maintains regional balance: It has been seen that large scale industries are mostly concentrated in the large cities or restricted to areas which leads to migration of people in search of employment to these cities. A large number of poor and marginalized sections of the population depend on them for their sustenance. SSI Improves Employment Rate It is important to note firstly that Small Scale Industries employs more people than all industries after agriculture. The division of work increases the marginal value product of labor.
Role of Small Scale Industries in Economic Development
The industrialization of the country, with emphasis on heavy industries, requires large capital investment, living little for large and consumer goods industries. Preservation of Inherited Skill Small-scale industries were helpful in the preservation of the inherited skill of our artisans which would otherwise languish and disappear. The small scale industries offer many benefits in rural areas. 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. The policy of reservation of items for manufacturing in small scale industries was introduced in 1967. What is the role of industries in economic development in India? Also, these sectors are labor-intensive and thus play a significant role in generating jobs. The income of worker in the industrial sector is therefore, higher than that of a worker in agricultural sector.
What is the role of small industries in economic development?
Know more about MSME here. During the second Five Year, a Japanese team of experts studied the organisation of SSIs in India and made many recommendations including the setting up of industrial estates in large numbers to promote small scale industries. The modern small scale industry is mostly defined in terms of the size of investment and labour force. The activity in the manufacturing sector is comprised of large, medium and small-scale. SSI Open New Opportunities Small-scale industries offer several advantages and opportunities for investments. So that they may not be discount maximum tax concessions should be given to businessman. Moreover, the enterprising Small manufacturer has to scrape together capital where he can find it.
Small Scale Industries: Characteristics and Economic Importance
About half of the products exported from India are produced or processed by the concerned sectors. Industry is a sector in which the production of goods is part of the economy. The smallāscale industries sector plays a vital role in the growth of the country. On the other hand, there is a disappropriate net growth of large-scale industries in a few areas. Equitable Distribution Small-scale industries and cottage industries have the additional advantage that small-scale industries they secure a more even distribution of income and wealth. They do not have access to the domestic capital markets to procure resources. The rise in income raises the living standard of the people.
Importance of Small Scale Industries in Economic Development
It is estimated that in terms of value, the sector accounts for about 45% of the manufacturing output and 40% of the total exports of the country Keywords : This work is licensed under a Disclaimer: Articles on Indian Journal of Applied Research have been previewed and authenticated by the Authors before sending the publication for print. SHG is a viable tool for women's empowerment. Most of the present economic problems in Pakistan are ultimately linked to the slow pace of industrial development. Ithas also brought about the growth of indigenous entrepreneurship in Nigeria. 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. This is undesirable from the social point view, because it results in the exploitation of man by man. ADVERTISEMENTS: On the one hand, there is a disproportionate growth of large-scale industries in a few areas, and on the other, a virtual absence of such industries in the greater part of the country.
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