What are the main features of private sector and public sector?
Answers
1) These are owned , managed and controlled and run by individuals or group of individuals.
2) Their primary aim is maximum profit.
3) All the economic decisions are influenced by the market forces of demand and supply.
4) These enterprises generally produce consumer goods and profit motive.
5) Eg- reliance industries ltd, Maruti udyog ltd
Public sector:
1) These are owned, controlled and run by the government.
2) Their primary aim is to have welfare of people.
3) The economic decisions are not influenced by the market forces of demand and supply.
4) These enterprises produce goods in interest of society as a whole
5) Eg- Indian railways, Indian Oil Corporation.
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Answer
Public Sector: It is a service sector, providing service to the people :
(i) It is owned by the government.
(ii) Most of the services provided by the government itself.
(iii) Motive of this public sector is the welfare of the masses and all the activities are guided by the interest of nation.
(iv) In this sector, employees feel free, secured disciplined and punctual in their duties.
(v) Government earns money by different taxes etc. For example : Railway, Postal service, Banking etc.
Private Sector :
(i) Ownership is in the hands of private individuals or private companies.
(ii) Motive of this sector is to earn more money.
(iii) Services are provided in the hands of individuals.
(iv) Jobs in this sector are less secured.
(v) This sector charges high rates for the use of services.
Examples are : TISCO, Reliance Industries etc.