What is the difference between public and private sector?explain their relative importance.
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Meaning The section of a nation's economy, which is under the control of government, whether it is central, state or local, is known as the Public Sector. The section of a nation's economy, which owned and controlled by private individuals or companies is known as Private Sector.
Basic objective To serve the citizens of the country. Earning Profit
Raises money from Public Revenue like tax, duty, penalty etc. Issuing shares and debentures or by taking loan
Areas Police, Army, Mining, Health, Manufacturing, Electricity, Education, Transport, Telecommunication, Agriculture, Banking, Insurance, etc. Finance, Information Technology, Mining, Transport, Education, Telecommunication, Manufacturing, Banking, Construction, Pharmaceuticals etc.
Benefits of working Job security, Retirement benefits, Allowances, Perquisites etc. Good salary package, Competitive environment, Incentives etc.
Basis of Promotion Seniority Merit
Job Stability Yes No
Basic objective To serve the citizens of the country. Earning Profit
Raises money from Public Revenue like tax, duty, penalty etc. Issuing shares and debentures or by taking loan
Areas Police, Army, Mining, Health, Manufacturing, Electricity, Education, Transport, Telecommunication, Agriculture, Banking, Insurance, etc. Finance, Information Technology, Mining, Transport, Education, Telecommunication, Manufacturing, Banking, Construction, Pharmaceuticals etc.
Benefits of working Job security, Retirement benefits, Allowances, Perquisites etc. Good salary package, Competitive environment, Incentives etc.
Basis of Promotion Seniority Merit
Job Stability Yes No
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