Describe the role of public sector in the economic development in the country
Answers
Explanation:
-Public sector paly a vital role in the economic development of the country such as_
1- Public sector investment on infrastructure sector like
power, transportation, communication, basic and heavy industries, irrigation, education and technical training etc. led to be development in the country
2- from public sector a lot of people get opportunities of job it led to be development of living conditions of those people .
Answer:
Following are some of the important relative roles of the public sector in the economic development of a country like India:
(a) Promoting economic development at a rapid pace by filling gaps in the industrial structure.
(b) Promoting adequate infrastructural facilities for the growth of the economy.
(c) Undertaking economic activity in those strategically significant development areas, where private sector may distort the spirit of national objective.
(d) Checking monopolies and concentration of power in the hands of few.
(e) Promoting balanced regional development and diversifying natural resources and other infrastructural facilities in those less developed areas of the country.
(f) Reducing the disparities in the distribution of income and wealth by bridging the gap between the rich and the poor.
(g) Attaining self-reliance in different technologies as per requirement.
(i) Eliminating dependence on foreign aid and foreign technology.
(j) Exercising social control and regulation through various public finance institutions.
(k) Controlling the sensitive sectors such as distribution system, allocating the scarce imported goods rationally etc.
(l) reducing the pressure of balance of payments by promoting export and reducing imports.