They are the part of a country’s economic system and is run by individual and companies with the intention to earn the profit. (a) 10. What was the role of the public sector industries before 1991? it. According to Global Enterprises by Niel H Jacoby. is known … Answer: Various types of organizations in the private sector include: Question 3. income as its revenue goes to govt. Disinvestments of PSE’s implies (g) Reduction in cost, (a) Problem in sharing capital Special features of IPR 1956 were as follows: Question 2. (a) A government company enjoys the maximum autonomy in all its managerial actions and decision-making processes. (b) Board of Industrial and Financial Reconstruction Centralised control in MNC's implies control exercised by. It can appoint professional managers on high salaries. The following are the various forms of public sector organisations. These new products enable businesses to sustain in today’s complex and competitive market. It is accountable to the public. Examples include Unit Trust of India, Life Insurance Corporation of India, Steel Answer: In the industrial policy 1991, the Government of India introduced four major reforms in public sector. Meaning: The public sector consists of various organizations owned and managed by central or State or by both governments. rules. Its management is vested in a Board of Directors appointed or nominated by the government. The duty of development of basic infrastructure was assigned to public sector which it discharged quite efficiently. It is accountable to parliament for all its actions which ensures proper utilization of funds. (b) Closing down operations It divided the industries into four categories. (f Large capital It is responsible to the Government and the private investors. If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware. Industries of national importance that the state might regulate and license in consultation with state government. (c) Statutory Corporation (d) None of the above Employees of which of the following are considered as government employees? (d) Advanced technology A joint venture is able to expand and grow better than an individual business enterprise. It has is no separate existence than government. These advantages are as follows: Question 6. It creates threat to national sovereignty. 4. 4. Memorandum of Understanding (MOU) is a term used in context of: It is registered or incorporated under Companies Act. It suffers from lot of political interference. (c) Bharat Heavy electrical Limited (d) All of the above You can give test from your Home. When two or more businesses join hands for mutual benefit and common purpose, it is called: One; the first plan which was initiated in 1951 was completed. natural gas, petroleum etc) huge capital and large base are required to function economically. (a) Sharing of risk: With the public and the private entities, both coming together for the construction and designing of projects, the risks are shared and thus reduced. The 2nd Five Year Plan also called the Mahalnobis Model lead to the promotion of heavy and key industries in India. It is established under a special Act passed in parliament or state legislative assembly. Public Corporation/Statutory Corporation A statutory corporation is a body corporate formed by Special Act of Parliament or by the central or state legislation. Nice answers. (d). List the name of some enterprises under the public sector and classify them. 1. Parliamentary control: Their performance is subject to discussion in parliament which ensures proper use of public money. Question 1. These three industries are atomic energy arms and rail transport. But it has its head quarter in one country in which it is incorporated. State the various types of organisations in the private sector.. (d) Memorandum of Understanding (MoU): Under an MoU with sick PSEs, their managements were given greater freedom to operate and achieve specified targets. It is not subject to same accounting and audit rules which are applicable to Government Department. Performance & security by Cloudflare, Please complete the security check to access. (c) Global Enterprises (d) Statutory Corporation This led to the PSEs operating freely and efficiently. 2. (a) Departmental Undertaking (b) Government Company In case, the government holds 49 per cent of shares in a company, the company is considered as a private organisation. There were 17 industries in this. In this way, the industrial policy of 1991 aimed at, (i) infusing competition (as the public sector had to compete with the private sector), (ii) increasing the efficiency of public sector enterprises (PSEs), by facilitating stiff competition from the private sector. 2. It is established under a special act which defines its objects, powers and functions. On the other hand, the public sector consists of various organizations owned and managed by the government, owned either wholly or partly by the central or the state government. (d) Buying shares of PSE’s (ii) where secrecy is very important such as defence. CBSE guide notes are the comprehensive notes which covers the latest syllabus of CBSE and NCERT.
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