Question

Classify industry based on ownership.

Answer 1

Based on ownership, industries are classified as:

• Public Sector Industries are owned and managed by the government. In India, there were a number of Public Sector Undertakings (PSUs). Socialist countries have many state-owned industries. Mixed economies have both Public and Private sector enterprises.
• Private Sector Industries are owned by individual investors. These are managed by private organisations. In capitalist countries, industries are generally owned privately.
• Joint Sector Industries are managed by joint-stock companies or sometimes the private and public sectors together establish and manage the industries.