What was the role of the public sector before 1991?
Answers
Answer:
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Explanation:
(i) Development of Infrastructure and Heavy Industries At the time of independence, basic infrastructure was not developed and hence industrialisation was difficult due to lack of adequate transportation / communication facilities, fuel / energy and basic / heavy industries. The private sector did not take initiative to invest in heavy industries and infrastructure due to heavy capital requirements and long gestation periods involved in these projects. Therefore, government took the lead in these projects through public sector enterprises.
(ii) Regional Balance After the inception of planning in 1951, the government started paying special attention to those regions which were lagging behind and public sector industries were deliberately set up in those backward regions. Four major steel plants were set up as public sector units in the backward areas to accelerate economic development, provide employment to the workforce and develop ancilliary industries.
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Explanation:
1)Rapid economic development: it was required to make efforts so that the rate economic development accelerates
2)provision of infractruter to another expectation from public sector was to provide infrastructure in the form of the better roads more hospitals more schools better irrigation facilities Ect.