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What is manufacturing sector? Describe four types of manufacturing sector on the basis of ownership.
Answer:
Points to remember
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The production of finished goods from raw materials is called manufacturing .
- Public sector - owned and operated by government agencies
- Private sector industries - owned and operated by individuals or a group of individuals .
- Joint sector industries - jointly run by the state and individuals or a group of individuals.
- Cooperative sector industries - owned and operated by the producers or suppliers of raw materials, workers or both.
Answer to be written
Manufacturing refers to the production of finished goods into more valuable products from raw materials with the help of labour, machines etc.
Four types of the manufacturing sector on the basis of ownership are
-
The
public sector is owned
and
operated
by
government agencies
. For Example,
a. BHEL, SAIL etc. -
Private sector industries
are
owned
and
operated by individuals or a group of individuals
. For Example,
a. TISCO, Bajaj Auto Ltd., and Dabur Industries. -
Joint sector industries
are jointly
run by the state
and
individuals or a group of individuals
. For Example,
a. Oil India Ltd. (OIL) -
Cooperative sector industries
are
owned
and
operated by the producers or suppliers
of raw materials, workers or both. They
pool resources
and
share the profits or losses
proportionately. For example,
a. Sugar industry in Maharashtra
b. Coir industry in Kerala.
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