Role of private sector vs public sector since independence short note
Answers
1. Industrial Development:
During the pre-independence period, the private sector has played a responsible role in Indian economy where it set up and expanded cotton and jute textiles, sugar, paper, edible oil, tea etc. After independence, the national government gave sufficient stress on industrialization.
The private sector also made a serious attempt to invest on industries producing wide range of intermediate products which include machine tools, chemicals, paints, plastic, ferrous and non-ferrous metals, automobiles, electronics and electrical goods etc. In this way, the private sector has developed the consumer goods industry, producing both durables and non-durables and became self- sufficient in the production of different types of consumer goods.
Private Vs Public sectors.
Explanation:
Private Sector:
- The portion of that same economy of something like a country-owned as well as managed by corporations and wealthy individuals is recognized as the Private Sector.
- It encompasses an entity owned, operated, and regulated by individual people.
Public Sector:
- The portion of that same society of such a country, which has been under control, be it national, federal or state, is classified as either the Public Sector.
- It includes numerous government privately owned as well as controlled business ventures.
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