Question
What is the difference between Public and Private sector?
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S. No.
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Basis
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Public Sector
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Private Sector
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1.
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Ownership
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These are owned by the governmentcentral or state.
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These are owned by individuals or group of individuals.
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2.
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Aim
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It aims at social welfare.
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It aims at profit maximisation.
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3.
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Efficiency
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It is likely to be less efficient due to lack of autonomy and too much interference.
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It is likely to be more efficient due to quick decision making.
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4.
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Management Control
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It is subject to control from the government.
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It is controlled only by business laws but not directly by the government.
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5.
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Accountability
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These are accountable to the government.
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These are accountable to the owners.
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6.
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Example
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Railways, BHEL, LIC Ltd, SAIL, GAIL.
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Reliance Industries Limited, Partnership firms, HUF, Cooperatives etc.
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