Explain the concept of Public Sector and Private Sector.
Private sector consists of business owned by individuals or a group of individuals. Examples of private sector include sole proprietorship, partnership, Joint Hindu Family system, cooperative and company. On the other hand, the public sector consists of various organizations owned and managed by the government, owned either wholly or partly by the central or the state government. These may be part of a ministry or come into existence by a special act of the parliament.
Public sector works for social welfare while private sector works for profit motive.
Public sector organizations may take form of departmental undertaking, statutory corporation and a government company. Private sector may take form of sole proprietorship, partnership, Joint Hindu Family, company or a cooperative.
Why is the government company form of organization preferred to other types in the public sector?
Can the public sector companies compete with the private sector in terms of profits and efficiency? Give reasons for your answer.
Give the meaning of Government Company. Explain three merits and three limitations of Government Company.
"Public sector has changed its role since 1991 a great deal". Do you agree? Justify your answer.
"Global enterprises are giant both in size and operations."Substantiate this statement.
"The basic rationale of public sector has changed significantly."In the light of this statement explain any four initiatives taken by the government.
Differentiate between Statutory Corporation, Departmental Undertaking and Government Company.