Question

Examine the role and significance of public sector in india.

Answer 1

The significance of a PSU is:
* to provide to the general public, a set of services at a justified and cheap amount with attractive schemes
* to focus on uplifting the general state of the people in a country and not solely on profits

Answer 2

The sector which is controlled and managed by the government is known as public sector.
1. There are several things needed by the society as a whole like sanitation system, safe drinking water, education, etc. which needed to be provided by the public sector at a reasonable cost.
2.There are some activities which the government has to support. The private sector may not continue their production or business unless the government encourages it.
3.Also, the government in India buys wheat and rice from farmers at a fair price.They store it in godowns and sells at a lower price to consumers through ration shops. The government has to bear some of the cost. In this way, the government supports both farmers and consumers.