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Question

Explain industries based on ownership.

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Solution

Instructions:
  1. Describe industries
  2. Explain public, private, joint and cooperative
Answer:
Industry refers to economic activity that is concerned with the production of goods, extraction of minerals or the provision of services. Industries can be classified into various categories.

Industries based on ownership
  • Public sector: It is owned and operated by the government.
    • Example: BHEL ( Bharat Heavy Electrical Limited)
  • Private Sector​: This is owned by individuals or groups of individuals​.
    • Example: TATA Power
  • Joint Sector​: Ownership shared between public sector agencies and private groups​.
    • Example: Maruti Suzuki
  • Cooperative Sector​: Owned by producers and suppliers of raw material​.
    • Example: Amul

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