What is the manufacturing sector? Describe 4 types of manufacturing sectors on the basis of ownership
Answers
Answer:
Manufacturing Sector:
The process of converting raw materials, components into finished goods is known as manufacturing.
The group of industries, where all the intermediate process of production and integration of a product's components is done, are under manufacturing sector.
Based on the ownership, industries can be classified in the following four categories:
i) Public Sector : Government agencies own and operate these industries, e.g. SAIL, BHEL, ONGC, etc.
ii) Private Sector: Individuals or a group of individuals own and operate these industries, e.g. TISCO, Reliance, Mahindra, etc.
iii) Joint Sector: Government and individuals jointly own these industries, e.g. Oil India Limited.
iv) Cooperative Sector: Producers or suppliers of raw materials, workers or both own these industries. The stakeholders pool the resources. They share the profit or loss proportionately. AMUL which is milk cooperative is a good example. The sugar industry in Maharashtra is another example.
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