Question

Write short answer to the followings.

State the changing role of public sector.

Answer 1

A public sector enterprise is the one whose ownership is controlled by the central or the state government. The following points highlight the changing role of the public sector.
i. Social welfare- The main objective of public sector is to promote social welfare and development in the country. It undertakes projects and activities that help in the improvement of the society.
ii. Offer services at affordable prices- They offer various good quality products and services at affordable prices to the citizens of a country.
iii. Large scale projects- They are able to undertake large scale projects as they have huge capital in hand. The projects undertaken are primarily aimed at promoting regional development.
iv. Industrialization- Public sector provides many services such as power, railways, roads and communication which further help in the industrialization process of a country.
v. Promotes innovation- With huge investment in research and development (R&D), the public sector promotes new ideas and innovations. This helps in the rapid growth and development of a nation.
vi. Offer employment- By undertaking large scale projects, the public sector also provides employment opportunities to the people. This helps in curbing poverty and unemployment.