Sectors in terms of ownership - Private and Public - Concepts - Chapter 2 Class 10 Economics - Sectors of the Indian Economy - Economics

Sectors in terms of Ownership: Private and Public

•  There is another way to categorize the sectors and that is on the basis of who owns the assets and who is responsible for the delivery of services . 
• There are 2 categories in which this can be done and they are the Private Sector Enterprises and the Public Sector Enterprises.

Public Sector

• In the Public Sector, all the assets, and responsibilities of service fall upon the Government. 
• The main goal of this sector is to serve the common people in the best way possible. 
• Their focus is not on earning profits but on providing the best f acilities to the people at cheap rates . 
• For Example - Railways, military, National Thermal Power Corporation (NTPC), Government Hospitals, post offices, etc

Private Sector 

• In the Private Sector , all the assets and the responsibility for delivery of services are owned by  individual or a group of people . 
• The sole goal of the enterprises falling in this sector is to earn and maximize their profits . 

For Example: Apple, Parle, Reliance, Tata , etc