Explain how does public sector contribute to the economic development of a nation ?
Answers
Answer:
In the following ways, Public Sector contributes to the economic development of a nation.
(i) It promotes rapid economic development through creation and expression of infrastructure.
(ii) It creates employment opportunities.
(iii) It encourages the development of small, medium and cottage industries.
Answer:
In the following ways, Public Sector contributes to the economic development of a nation.
(i) It promotes rapid economic development through creation and expression of infrastructure. It also supports the private sector companies by providing basic facilities like transport, water, electricity, etc.
(ii) It creates employment opportunities. By building dams, roads etc. requires labour.
(iii) It encourages the development of small, medium and cottage industries. It also give them financial aid and support them till they are strong enough to face the international competition.