How does public sector contribute to the economic development to the nation? Explain.
Answers
Answer
Contribution of Public Sector to the Economic Development:
➤ In the public sector, the government owns most of the assets and provides all the services.
➤ The purpose of public sector is not just to earn profits but provide facilities to public in different ways.
➤ There are several things needed by the society as a whole, some of these need spending large sums of money which is beyond the capacity of private sector and it s provided by
➤ public sector.
➤ The government support and encourages industrial activities providing affordable electricity on the same way to promote agricultural activities, government purchase their products on MSP and provide subsidy for the poor on these products.
➤ Constitutional prohibition of untouchability
Answer:
Public sector undertakes activities that are basic in nature and of vital importance for a country's development and security. The aim of Public sector is warfare of masses and therefore it provides all facilities at a responsible rate. Through its investments in education and health, public sector improves quality of our lives. Apart from this, provisions of safe drinking water ,houses for poor ,food and nutrition for children,also nurtures fundamental rights, which later results in great economic developement.