Question

What do you understand by Classification of industries based on ownership?

Answer 1

On the basis of ownership, industries can be classified as:

Public Sector: These industries are aimed and operated by the government agencies.

Private Sector: These industries are owned and operated by private entrepreneurs, e.g., TISCO, Bajaj Auto Ltd., Reliance Industries, Dabur Industries, etc.

Joint Sector: These industries are jointly run by the state and individual or a group of individuals. Oil India Ltd (OIL) is jointly owned by public and private sectors.

Cooperative Sector: These industries are owned and operated by the producers or suppliers of raw materials, workers or both. They pool in the resources and share the profits or losses proportionately such as the sugar industry in Maharashtra, the coir industry in Kerala.