What is Public Sector?
The sector, which includes all those enterprises which are managed and owned partly or wholly by the Central or State Government by the Central or State Government is known as Public Sector. The Public Sector is the sector that is involved in the operations of supplying government products and services to the general public. The government owns, controls, and runs all enterprises, agencies, and bodies, whether it is central government, state government, or local government.
There are two types of public sector organisations: those that are wholly funded by the government by collecting taxes, charges, and fees, and those that are partially funded by the government by holding more than 51% of the total share capital of a corporation that comes under several ministries. The enterprises were founded with the goal of providing a service.
Some of them may be non-profit organisations, while others may also engage in commercial activity. Its primary goal is to provide goods and services to the general public at lower prices than private firms. Its primary goal is to ensure the general welfare of a country’s citizens.
It is the major sector that aims to improve people’s lives by offering the following services :
- Creation of new job opportunities
- The postal service
- Providing low-cost education and healthcare services
- Providing security
- Railway transportation services.
Difference between Private and Public Sector
Private Sector and Public Sector are two different types of sectors which include enterprises wholly and/or partly managed and owned by individuals and the Central or State Government.
Table of Content
- What is Private Sector?
- What is Public Sector?
- Difference between Private Sector and Public Sector