Question:
Industries can be classified on the bases of ownership, explain.
Answer:
Industries can be classified into 4 sectors in relationship to the ownership of the concerned industry.
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- State owned or public sector
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- Cooperative sector
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- Private sector industries are owned and operated by individuals or a group of individuals.
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- The public sector industries are owned and operated by the government.
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- Joint sector industries are owned and operated by the state and individuals or a group of individuals.
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- Co-operative sector industries are owned and operated by the producers or suppliers of raw materials, workers or both.