Classification of industries.

For the purposes of this Act, the industries shall be classified as follows:- (i) Large-scale industry meaning an industry the capital outlay of which on land, building, installed machinery, railway siding or other fixed assets exceeds rupees ten lakhs; (ii) medium-scale industry meaning an industry the capital outlay of which on land, building, installed machinery, railway siding or other fixed assets exceeds rupees (two) five lakhs does not exceed rupees ten lakhs; (iii) small-scale industry meaning an industry other than a large scale industry or medium scale industry.