India is a growing country and small-scale industries are growing at a rapid pace because of huge demand and opportunity, and less manufacturing cost.
What are some top small-scale profitable businesses that you can start up your journey as an entrepreneur with minimum capital investment?
What are Small-Scale Industries?
Small-scale industries are referred to as those industries in which the process of manufacturing, production, and servicing the goods is done on a small scale.
These industries are booming in India because such industries require one investment and that too is less. These investments are mostly done in plants and machinery.
Production of goods and rendering of services are done with the help of small machines and very less manpower.
Role of small-scale industries or SSI in India
For economies like India, small-scale industries play a vital role in generating employment opportunities for skilled labour stabilising using the financial standpoint of the country by contributing to the per capita income in a substantial manner. Hence, it is an important contributor to the economy.
Some small-scale industries are also exporting goods and bringing foreign currencies to India. It is also helping in promoting the ade-in-India products initiative and increasing the demand for local products.
Small-scale industries generally have single ownership(either sole proprietorship or a partnership structure). These industries can be either manufacturing or service providers of goods and services.
These industries bear minimum wastage of natural resources because they are readily available and fully utilised.
The objective of the Indian government for promoting and providing help to such industries plays an important role in the growth of such industries.
The government of India provides support to these SSI’s in the form of :
- Loan and subsidy -a financial help which is a basic requirement of any business.
- Marketing as well as export support
- Entrepreneurship development programs
- Technology upgrade
- Training and education facilities
- Land
For several reasons discussed above, India is quite a favorable destination for entrepreneurs.
Here are some most profitable small-scale businesses in India.
Incense stick or AgarbattiÂ
India is the largest producer of incense sticks globally and due to the number of people performing medication growing, the demand for such products is also increasing. These are also used for religious purposes in India and many therapies. This business is an evergreen profitable business that anyone can easily set up with little investment.
Food parlour
Indians are fond of eating good and new varieties of food and if you have cooking skills then you can give it a try to open a food parlour. There are many examples of such food parlours that have grown tremendously and are known for their business and taste today. The investment in such a business is moderate and the profit margin is quite reasonable.
Handmade Chocolates Â
India is a place where the largest number of festivals are celebrated and chocolates are something that is always in demand on every occasion. Nowadays, people prefer handmade customised chocolates over factory-produced chocolates. The advantage of this type of business is that it can be operated from home with minimum investment.
Organic soap production business
Organic soaps are in demand and many small-scale industries are taking benefits. These soaps are manufactured using natural ingredients which are friendly to skin and the environment. For this type of business, minimal expenditure on ingredients such as oil, fragrances, glycerin, and natural extracts are required.
Spices
Spices are the basic requirement of every kitchen and it plays a critical role in Indian cuisine. The Indian spice business is so large and famous that it fulfils foreign demand also. This sector is highly profitable, and in 2020 India exported around $ 3.65 billion worth of spices.
Indian pickles and papadÂ
Sweet and sour pickles are a must-have with most of the meals in
India. The demand for all pickles has always been a part of Indian cuisine.
It is fairly simple to set up a pickle business from home or a small unit. You will require skilled and unskilled labour to assist you in the various activities of the business to ensure timely deliveries.
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