The story from the Bible about David and Goliath always strikes a chord with even the most indifferent people. We have been brought to admire the small entrepreneur who makes it big from a rags to riches story. But a recent spate of media activity has got me thinking- are we abusing this word small?
Daily, we are deluged by the description 'small'. Whether it is SSI's begging for protection or the Hon Finance Minister exempting small service providers from service tax, or shopkeepers and chemists protesting the entry of organized retail into India, there are many interpretations of the word 'small'. For example, would you call an unit with 5 crore worth machinery small? I would not. Would you exempt a 'small' company from making proper accounts as per Accounting standards- just because it has bank borrowings<10 crores? Or, would you call a shopkeeper small- even though he gets a TAX free income more than even many salaried people?
The purpose of my queries are not to demean 'small' industries or units. On the contrary, I feel it is must to harmonize the various definitions of 'small' under various acts, so that the subsidies and benefits offered by the Govt do not go in vain
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