Explain how public sector contributes to economic development of a nation.
Answers
by using the public sector resources such a electricity, government education,
etc, such government facilities like indira canteen, skill development course by N.Modi, ration food (for ₹1 1kg rice) by using these public sector resources the money will circulate wholly such as take an example like u had purchased 1month food items from ration store by paying ₹100/- that money will be paid by u to the store keeper as the form of purchasing (that storekeeper is an government Employee (of food department) he pays to the another government officer which is
collected by government and recorded in government accounts such as revenue department
Hence the income of the consumer which he purchase the goods for lowest price from government which gives him satisfaction and the money is received by him to the government this process is done through all over India received money and sold quantities are recorded in the account section or finance department or revenue by this data they calculate financial statements and position of government which shows the actual growth or loss/development of economy is shown on gdp, gdp is calculated investment,savings,expot-import,income etc by this we come to know the development of economy by using any public sector and private sector