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Question
Read the following hypothetical text and answer the given question:
India’s Micro, Small and Medium Enterprises (MSME) sector is poised for a mega transformation in 2020, with the launch of an Alibaba-like e-marketplace, trendy yet affordable khadi products to appeal to the masses and digital data-based credit ratings to help entrepreneurs avail loans. However, the MSME sector, often considered the bulwark of the economy as it contributes around 29% to the GDP and 48% to the Indian exports. There is an urgent need of major reforms and policy interventions towards ensuring timely availability of low cost credit, improving ease of doing business and technological up gradation, to take on the formidable challenge of creating millions of jobs, ensure equitable distribution of national income and achieving large-scale import substitution. The World Bank has recently approved loan worth $750 million to address the immediate liquidity and credit needs of India’s MSME sector that has been severely impacted by the Covid-19 crisis. This will give a push to the Atmanirbhar Bharat vision of the government.
Read the following statements - Assertion (A) and Reason (R)
Assertion (A): Small scale industries ensure a more equitable distribution of national income and wealth.
Reason (R): The ownership of small scale industries is more wide spread than the ownership of large scale industries.
Select the correct alternative from the following:
Options
Both Assertion (A) and Reason (R) are true.
Both Assertion (A) and Reason (R) are false.
Solution
Both Assertion (A) and Reason (R) are true.
