As per the Industrial Policy Statement, 1977 a tiny unit was one which has an investment of Rs. ______ lakh.
Show answer & explanation
Correct answer: D
Explanation
Correct Answer: Option 4 (10 lakh rupees)
Explanation:
According to the Industrial Policy Statement, 1977, the investment limit for classification of small-scale units was set at 10 lakh rupees. The main objective of this policy was to promote cottage and small-scale industries to create employment opportunities in rural areas.
Additional Facts
Tiny Unit: Under this policy, units with an investment of less than 1 lakh rupees were considered 'tiny'.
Ancillary Units: The investment limit for these was set at 15 lakh rupees.
Janata Government: This policy was introduced by the then Janata Party government led by Morarji Desai, which emphasized decentralization.
Possible Questions for the Upcoming Exam
Who was the Industry Minister of India at the time of the 1977 Industrial Policy?
(Answer: George Fernandes)
What two criteria are currently considered for classifying MSMEs (Micro, Small, and Medium Enterprises)?
(Answer: Investment and annual turnover)
Under which industrial policy were District Industries Centers (DICs) established?
(Answer: 1977 policy)