For the class 10 students, Sectors of the Indian Economy is considered as an important chapter in Economics.
This article will highlight the key differences between the Public and Private sector.
But, before proceeding further, I would like to make you familiar with the key terms used in this article.
- Public Sector: In this, the government owns most of the assets and provides all the services.
- Private Sector: In this, ownership of assets and delivery of services is in the hands of private individual or companies.
I’ve decided to provide you with the key differences between Public and Private sector and put them all in the tabular format.
Key Differences Between Public and Private Sector
|Public Sector||Private Sector|
|This sector is controlled and managed by the government.||This sector is owned by a private individual.|
|The purpose of the public sector is not just to earn profits.||Activities in the private sector are guided by the motive to earn profits.|
|This sector focuses on serving the general people of the country i.e. public welfare.||This sector focuses on constructing a brand image.|
|Capital is obtained by public revenue such as taxes, bonds, other duties and many more.||Capital can be obtained by issuing shares or loans in this sector.|
|Extremely secured employment by parameters of merit, progress or term of working.||This doesn’t ensure security of employment, totally based on merit and production output.|
|Highly secured job, multiple retirement facilities etc.||It doesn’t give any retirement benefit or allowances.|
|Jobs under this sector: Railways, Post office, Armed forces, Education etc.||Jobs under this sector: Tata Iron and Steel Company Limited, Reliance, IT sector etc.|
So, that’s all.
All the important differences between Public and Private Sector in Chapter 2 Sectors of the Indian Economy from the NCERT class 10 are listed above in the table format.
If you have any related queries or suggestions, feel free to let me know in the comments right now.