Small-scale Industries in India: Problems and Policy Initiatives

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Small-scale industries are considered a harbinger of economic progress. A growing economy always needs the presence of small enterprises. In a labor-abundant and capital-scarce country like India, small-scale industries have come to occupy a significant position in the planned industrialization of the economy. Ever since the announcement of the Industrial Policy Resolution of 1948,India's small-scale industries have occupied a prominent place in the overall strategy of industrial development. Successive Five Year Plans have allocated increasing resources for the development of small industries. In view of the abundance of labor, scarcity of capital, and rural nature of the economy, the preference for small industries is natural. In the wake of the globalization wave sweeping around the world, new opportunities and challenges have emerged for the small industries. Appropriate policies are needed to meet these challenges to sustain the growth of small industries. This book explores policies and issues of India's small-scale industries.