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.

None of the given statement is correct.

A ‘small-scale industry’ is defined with reference to the maximum investment allowed on the assets of a unit. This limit has changed over a period of time. In 1950 a small -scale industrial unit was one which invested a maximum of rupees five lakh; at present the maximum investment allowed is rupees one crore.