Which of the following statement (s) is/are correct?
Statement 1: A ‘small-scale industry’ is defined with reference to the minimum investment allowed on the assets of a unit.
Statement 2: In 1950 a small -scale industrial unit was one which invested a maximum of rupees ten lakh.
Answer & explanation
Correct answer: option 4
The correct answer is option 4: None of the given statement is correct.
Statement 1: A ‘small-scale industry’ is defined with reference to the minimum investment allowed on the assets of a unit. This is incorrect. A ‘small-scale industry’ is defined with reference to the maximum investment (not minimum) allowed on the assets of a unit.
Statement 2: In 1950 a small -scale industrial unit was one which invested a maximum of rupees ten lakh. This is incorrect. In 1950 a small -scale industrial unit was one which invested a maximum of rupees five lakh (not 10 lakh); at present the maximum investment allowed is rupees one crore.