With respect to the 'Micro, Small and Medium enterprises', consider the following statements:
- A manufacturing unit is considered micro enterprise if its investment in plant and machinery does not exceed Rs. 25 Lakh
- Handicrafts and Handloom products are reserved in India for MSME sector
Which of the above is / are correct?
The first statement is correct. The below table represents the investments in this sector:
Second statement is incorrect because on 13th April 2015, the NDA Government has de-reserved all the products and as of today, not a single item is reserved for small industries.
This question is a part of GKToday's Integrated IAS General Studies Module