. What is the difference between Public Sector and Private Sector? Explain
with reference to the meaning, motive, investment involved, nature of goods or
services provided
Answers
Answer:
DEFINITION OF PUBLIC SECTOR :-
The sector, which is engaged in the activities of providing government goods and services to the general public is Public Sector. The enterprises, agencies, and bodies are fully owned, controlled and run by the Government whether it is central government, statement government or a local government.
It is the largest sector, which works for the upliftment of the people by providing the following services to the people:
- Generation of employment opportunities
- Postal services
- Providing education and health facilities at low cost
- Providing security
- Railway service
DEFIITION OF PRIVATE SECTOR :-
The segment of a national economy that is owned, controlled and managed by private individuals or enterprises is known as Private Sector. The private sector companies are divided on the basis of sizes like small & medium enterprises and large enterprises which are either privately or publicly traded organizations. They can be created in two ways, i.e. either by the formation of a new enterprise or by the privatization of any Public Sector Enterprise.
The major services provided by the Private sector are as under:
- Quality education
- Telecommunication services
- IT services
- Courier Services
- Infrastructure development
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