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Thursday, May 6, 2010

ROLE OF INDUSTIES IN THE ECONOMIC DEVELOPMENT

Thursday, May 6, 2010

The industry which needs small amount of investment, small space to run and small number of labours is called the cottage (small scale) industry, or according to the definition of Industrial Enterprises Act, 2054 (emended), “the industries having a maximum of 30 million rupees of fixed deposit called small scale industries”. Such an industry mainly provides the employment opportunity to the people of the rural areas. It ensures use of leisure time, utilization of raw materials, utilization of labour and still and provides employment opportunity. Thus, it helps the economic progress. The industries which need large investment, skilled and semi-skilled human power and use of machine and tools and yield large scale production are called medium and large scale industries. According to Industrial Enterprises Act (amended), Industries having thirty million to one hundred million rupees as fixed capital are called medium scale-industries”. The role of medium and large scale industries is significant in bringing remarkable change for the economic progress of the country. Such industries produce goods needed for the nation. These productions fulfill the need of the nation. As a result, we don’t need to import goods from aboard. This types of arrangement saves currency. The saving can be used for industries and other sectors. Such industries help the development of agricultural sector. Similarly, they create employment opportunities, increase exports and mobilize resources and means. Therefore, medium and large scale industries have significantly contribution to the economic progress of a country.


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