Define Joint sector.
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The term 'joint sector' is applied to an undertaking only when both its ownership and control are effectively shared between public sector agencies and a private group. The basic idea underlying the concept is combination of joint ownership, joint control and professional management.
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Joint Sector is the sector of ownership where the the state and private bodies are joint owners.
Explanation:
- The meaning of 'Joint Sector' in the Indian sector consists of enterprises which are wholly owned and operated by, or jointly owned by, the centralized state or local government.
- Likewise, the joint sector is also composed of factories owned and run jointly with private entities by each of these three governments.
- Therefore, to put it simply Joint Sector Ownership means a joint owning of property by the State as well as a Private Body.
- Therefore Joint Ownership, for eg can be considered to be companies like AMUL etc. which is owned privately and also a part of it is owned by the Government of Gujrat.
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Advantages of Joint Ownership
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