How does small scale industries help to improve balance of paymen… - Vidyadip

Question

How does small scale industries help to improve balance of payment?

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Answer

Small scale industries on one hand generate export incomes and on the other hand reduce India’s import expenditure by producing many necessary goods locally. This helps to improve balance of payment and save spending foreign exchange unnecessarily.

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Industries that run on capital intensive production technique and with an investment of more than $Rs. 10$ crores are known as large scale industries. E.g. Industries producing railway coaches and engines, big vehicles, iron and steel, petroleum, etc.