Explain how public sector contribute to the economic development of the nation
Answers
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 generates financial resources for development.
(iv) It ensures equality of income, wealth and thus a balanced regional development.
(v) It encourages the development of small, medium and cottage industries.
(vi) It ensures easy availability of goods at moderate rates.
(vii) Contributes to community development i.e., to the Human Development Index (HDI).
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Answer:
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Explanation:
Yes, the public sector contributes to economic development of a nation by providing several facilities and working opportunities to the society at a reasonable costs which the private sector cannot provide. Public sector spends larger sums of money on construction of railways, roads, bridge, generating electricity, irrigation facilities by setting dams etc, which are beyond the capacity of the private sector. It also encourages private enterprises, farmers and consumers through subsidies and support prices. It also contributes to economic development of a nation by providing education and health facilities to general public.