ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -It does not include private companies, voluntary organizations, and households. The general definition of the public sector includes government ownership or control rather than mere function and thereby includes, for example, the exercise of public authority or the implementation of public policy.

Detailed explanation-2: -Public sector organisations are owned, controlled and managed by the government or other state-run bodies.

Detailed explanation-3: -Public sectors include the public goods and governmental services such as the military, law enforcement, infrastructure, public transit, public education, along with health care and those working for the government itself, such as elected officials.

Detailed explanation-4: -Based on ownership, industries can be classified as public sector, private sector, or joint sector. Public industries are owned and run by the government, whereas private industries are run and owned by private enterprises. Joint sectors are run as a collaboration between the government and private parties.

Detailed explanation-5: -There are three different forms of organisation used for the public sector enterprises in India. These are (1) Departmental Undertaking; (2) Statutory (or Public) Corporation, and (3) Government Company.