Question

Public sector industry and Private industry

Hint:

Public sector industries aim to serve societal needs, while private sector industries are driven by profit motives.

Answer 1

Public sector industry refers to industries owned and operated by the government, such as Bharat Heavy Electricals Limited (BHEL), Indian Oil Corporation (IOC), and others. These industries are focused on serving public welfare and are funded by taxpayer money. Private sector industry refers to industries owned and operated by private individuals or companies. These industries focus on profit-making and are not directly controlled by the government. Examples include Tata Steel, Reliance Industries, etc.