Question:
"Under 'Zero Defect, Zero Effect' (ZED) scheme, the government of India provides up to 80\% subsidy to Mini, Small and Medium Enterprises (MSMEs)."
Identify and explain the objective of government budget, highlighted in the above text.
"Under 'Zero Defect, Zero Effect' (ZED) scheme, the government of India provides up to 80\% subsidy to Mini, Small and Medium Enterprises (MSMEs)."
Identify and explain the objective of government budget, highlighted in the above text.
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The ZED scheme promotes quality improvement and sustainability in MSMEs, benefiting both the environment and the economy.
Updated On: Feb 3, 2025
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Solution and Explanation
- The objective of the government budget highlighted here is to promote the growth and development of MSMEs in India. The ZED scheme aims at improving the quality of products made by MSMEs by encouraging zero defect production (defect-free products) and zero effect on the environment (sustainable production). - The government offers up to 80 percent subsidy to help MSMEs upgrade their processes, adopt new technologies, and improve the quality of their products. This helps increase the competitiveness of Indian MSMEs in both domestic and international markets.
- Likely Consequences:
- Improved Quality:
MSMEs will improve product quality, reducing defects and enhancing customer satisfaction.
- Sustainability:
Zero effect production practices will make industries more environmentally sustainable, aligning with global environmental standards.
- Boost to Employment:
Supporting MSMEs will create more job opportunities in small industries, contributing to higher employment levels.
Conclusion: The ZED scheme aims to improve product quality, environmental sustainability, and create a more competitive MSME sector, which will ultimately contribute to economic growth and job creation.
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