15. Reducing the role of Public Sector and increasing the role of Private Sector falls under?
a. Liberalization
b. Privatization
c. Globalization
d. Liberalization & Privatization
Answers
Answer:
b) Privatisation
This is the answer.
Answer: Privatization
Explanation:
In 1947, due to poor economic conditions, India was unable to develop a strong industrial base and was still dependent on the agricultural sector. The government soon started supporting public sector enterprises as they had the necessary means and financial capacity to enter into heavy industry that could generate more revenue.
Over the years, their role has changed from helping to achieve price stabilization to competing with global countries.
Industrial development took a big leap forward with the help of several public sector undertakings in independent India. In 1991 their roles were reassessed and several cases of inefficiency and unproductive behavior were noted in public sector management.
However, public sectors have for a long time managed several key areas that have been responsible for the improvement of India's economic situation.
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