13. With enactment of LIC Act, 1956, an autonomous body, Life Insur
Corporation of India (LIC) was formed. The act defines its power, dutie
functions. It has a separate legal entity. It is fully owned became
has independent financial policy and can raise funds by borrowing from
public and government. However, it is not subject to any budgetary
accounting or audit control like railways. Its annual report is presented
parliament every year.
On the basis of the given information about Life Insurance Corporation
India (LIC), answer the following questions:
(a) Name the type of public sector enterprises referred in the above cas
(b) Give two other example of type of public sector enterprise identified
part (a) above
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(c) State any three limitations of the type of public sector enterprises
identified in part (a)above
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Answer:
c) State any three limitations of the type of public sector enterprises
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