Question

Explain the differences between public and private sector of economic activities.

Answer 1

The public sector is owned and operated by the government, focusing on public welfare (e.g., Indian Railways). In contrast, the private sector is owned by individuals or companies, aiming for profit (e.g., Reliance Industries). Public sector activities include infrastructure and healthcare, while the private sector emphasizes innovation and competition. Both sectors contribute to economic growth, but their objectives and management styles differ significantly.