Differentiate between public sector and private sector ? Write any 10 point 5 marks
Answers
Public Sector is a part of the country's economy where the control and maintenance are in the hands of Government. If we talk about Private Sector, it is owned and managed by the private individuals and corporations
Public sector :-
The aim of public sector is to increase the facilities for public welfare.
The government owns most of the assets and provides all the services.
The decisions regarding production and distribution are taken by the government of the country.
Public sector provides basic facilities like education, health, food and security to the people.
Example :- Indian Railways and the post office etc.
Private Sector :-
The aim of Private sector is to earn maximum profits.
The ownership of assets and delivery of services is the hands of private individuals or companies.
The decisions regarding production and distribution are taken by owners or the manager of the country.
Private sector provides consumer goods to the people.
Example :- Reliance Industries Limited and Amul