Question

Highlight the contribution of public sector in the economic development of a country​

Answer 1

Answer:

The contribution of public sector in the economic development of a country are:

• Cheap service: Since public labour is administrated by the government, its main aim is the welfare of the people, unlike ​private sector where the services are give solely for the purpose of profit. Their services are cheap and can be purchased by poor people as well.
• Heavy economic developments: Some developments require a lot of money and investment, such as building of roads, railways etc. Private companies cannot fulfill these needs, or even if they do, they will charge very high prices for it.
• Basic Facility: Public services are required to provide all the people of the country with basic facilities such as: hospitals, education from schools, colleges, food and that too at a reasonable price.
• Serving all the sectors of the society: Private companies only look for profit, therefore they may not reach out to the rural areas of the country. Whereas public sectors reach out to all the sectors of the society inculding rich as well as poor people. It provides them food at a "fair price" through ration systems.
• Providing facilities to small-scale companies: The PUblice sector also assists small-scale companies by providing them with electricity, so their production can carry on.