6 Questions
What is one of the key factors that can help a small business provide the most benefit?
Discipline and daily learning
Under the Industries Development and Regulation Act, how are small businesses defined?
Having less than 50 employees and limited capital assets
What determines if the use of power, technology, or machinery is within limits for a small-scale industry?
Number of employees and capital assets
How is the definition of micro, small, and medium enterprises primarily based on?
Investment in plant and machinery and turnover
What is one way small businesses contribute to reducing income inequalities?
Offering opportunities for entrepreneurship
Which sector does small businesses rank as the second-largest employment provider in India after?
Agriculture
Study Notes
- A small business can provide the most benefit when approached with discipline, daily learning, revision, note-making, and chapter memorization.
- Small businesses, defined under the Industries Development and Regulation Act, have less than 50 employees and limited capital assets.
- Use of power, technology, or machinery should be within certain limits based on the number of employees and capital assets to qualify as a small-scale industry.
- The definition of micro, small, and medium enterprises is based on investment in plant and machinery and turnover.
- Small businesses play an important role in providing a wide variety of products, balanced regional development, employment generation, poverty reduction, and reducing income inequalities.
- Operating at a small level, small businesses utilize local talent and technology, resulting in lower production costs and minimal losses in case of failure.
- Small businesses are the second-largest employment provider in India after agriculture, offering opportunities for entrepreneurship and contributing to industrial units.
- Small businesses help in poverty reduction, employment creation, and reducing income inequalities in society.
- The text emphasizes the significant role of small businesses in providing employment, reducing unemployment, and balancing regional development by supporting industrial units.
Explore the significant role that small businesses play in providing employment, reducing poverty, and contributing to economic development. Learn about the definitions, benefits, and impact of small businesses in society.
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