SSC MTS EXAM

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.

Detailed explanation-3: -What is the role of the private sector? The private sector plays a vital role in the economy by creating jobs, providing goods and services, and stimulating economic growth. It is an important source of tax revenue for governments.