State any five feature each of public and private sector.
IN public sector, the Government owns the most of the assets arid provides all kinds of services. For example; Construction, Railway, Banking, Insurance, Bridges, Harbours, Dams, etc. The main motive of public sector is the welfare of people (masses).
In private sector, ownership of assets and delivery of services are in the hands of private individual or companies like Tata Iron and Steel, Reliance, etc. The main motive of the private sector is to make profit. To get such services, we have to pay money to these individuals and company. But public sector raise money through taxes and other way to meet expenses on the services rendered by it. Modem day government spends on a whole range of activities.
There are several things needed by the society as a whole but which the private sector will not provide at a reasonable cost. Some of these need spending large sum of money which is beyond the capacity of the private sector. Collecting money from thousands of people who use these facilities is not easy. Even if, they do provide these things they would charge a high rate for their use. Examples are construction of roads, bridges, railway generating electricity, irrigation, dams, etc. Thus, government has to undertake such heavy spending and ensure that these facilities are available for everyone.
There are some activities government has to support. The private sector may not continue their production business unless government encourages it. Government supports both farmers and consumers.