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The part of the economy concerned with providing basic government services. The composition of the public sector varies by country, but in most countries the public sector includes such services as the police, military, public roads, public transit, primary education and healthcare for the poor. The public sector might provide services that non-payer cannot be excluded from (such as street lighting), services which benefit all of society rather than just the individual who uses the service(such as public education), and services that encourage equal opportunity.
A public sector enterprise is an industrial, commercial or other economic activity owned and managed by the Central government or State government or jointly by both.
OBJECTIVES
OF PUBLIC SECTOR
To accelerate the industrial growth and development of the economy. To build up a strong infrastructure for supporting economic growth and development of the country. To provide competition to the private sector for welfare of the state and the public at large. To generate employment and strive for removal of poverty. To make investment in order to fill the gap between savings and investment. To promote balanced and comprehensive economic growth of the country.
OBJECTIVES
OF PUBLIC SECTOR
To redistribute income and wealth in order to remove inequalities in society. To make investment in those areas where the private sector is not willing to invest. To promote the development of small and ancillary industries. To focus on increasing exports of the country for earning foreign exchange and also to enter sectors where imports can be substituted by products made in India. To help the Govt. in implementation of economic policies and achieving objectives of five year plans. To eliminate monopolies and prevent monopolistic practices.
Third Plan
Fourth Plan Fifth Plan Sixth Plan Seventh Plan Eighth Plan Ninth Plan Tenth Plan Eleventh (2007-12)
63
61 58 53 48 45 33 24 22
37
39 42 47 52 55 67 76 78
Suitable reforms in the board of directors. Politicians should not be appointed as directors of these boards. Control over political interference Appointment and selection of efficient employees Granting autonomy Regular inspection and auditing Reforms in labour policy
Increase in efficiency Reforming pricing policies Voluntary retirement Scheme Use of sophisticated technology Revival of PSUs Memorandum of understanding (MOU)
CONCLUSION
The disinvestment programme has been carried out by the government in a hasty manner. The outcome of privatization so far as has been pathetic. The stress should be on making PSUs work more efficiently rather than reducing public ownership in the economy.