GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Ownership of asset and delivery of services is in the hands of private individuals or companies, known as ____
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Public sector
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Private sector
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Organised sector
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All of these
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Explanation:
Detailed explanation-1: -Private Sector: In this sector, the ownership of assets and delivery of services is in the hands of private individuals and companies, e.g., TISCO, (Tata Iron and Steel Company). This sector predominates in agricultural and allied manufacturing industries, manufacturing of goods trade, hotel etc.
Detailed explanation-2: -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.
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