What is the differences between public and private sectors?
Public Sector
(i) The government owns most of the assets and provides all the services .
(ii) The purpose of the public sector is not just to earn profit, but also to raise the welfare of the economy.
(iii) Railways or post office is an example of the public sector.
Private Sector
(i) Ownership of assets and delivery of services is in the hands of private individuals or companies.
(ii) Activities in the private sector are guided by the motive to earn profit.
(iii) Tata Iron and Steel Company Limited or Reliance Industries Limited are privately owned.
