Question

Explain the classification of industries on the basis of ownership with an examples

Answer 1

Industries can be classified on the basis of ownership in the following ways:
1. Public Sector: Owned and operated by government agencies- BHEL, SAIL, etc.

2. Private Sector: Industries owned and operated by individuals or a geoup of individuals- TISCO, Bajaj Auto Ltd., Dabur industries.

3. Joint Sector: Which are jointly run by the state and individuals or a group of individuals. Oil India Ltd. (OIL) is jointly owned by public and private sector.

4. Cooperative Sector: Industries are owned and operated by the producers of suppliers of raw materials, workers or both. They pool in resources and share the profits or losses proportionately such as the sugar industry in Maharashtra, the coir industry in Kerala.

Hope this helps!!☺

Answer 2

On the basis of ownership, industries can be classified as:

Public Sector: These industries are aimed and operated by the government agencies.

Private Sector: These industries are owned and operated by private entrepreneurs, e.g., TISCO, Bajaj Auto Ltd., Reliance Industries, Dabur Industries, etc.

Joint Sector: These industries are jointly run by the state and individual or a group of individuals. Oil India Ltd (OIL) is jointly owned by public and private sectors.

Cooperative Sector: These industries are owned and operated by the producers or suppliers of raw materials, workers or both. They pool in the resources and share the profits or losses proportionately such as the sugar industry in Maharashtra, the coir industry in Kerala.