Public and Private Sectors in the Business Economy
In the economy, both public and private sectors are works or a part of the economy. The public sector deals with the delivery of goods and services by and for the government, whether national, regional, or local.
The private sector refers to businesses owned, financed, and operated by private individuals. Both the private and public sectors are interesting topics of discussion. In this article, we will provide brief details about both sectors.
Public Sectors
In the short definition, the public sector is provided goods and services by the government or local authorities sometimes it is free and in other cases, consumers have to pay a price. Actually, the public sector is a powerful engine of economic development and the main contribution of public enterprises to the country's economy.
List of Major Public Sectors
Always, the public sector has played an important role in the achievement of constitutional goals such as creating a socialistic pattern of society and increasing public control over the national economy.
- Filling of Gaps
- Public Sector Employment
- Contribution to the Public exchequer
- Balanced Regional Development
- Foreign Exchange Earnings
- Development of Ancillary Industries
- Research and Development
- Community Development
- Social Justice
Private Sectors
In the short definition, the private sector is a part of the economy that is run for private profits and is not controlled by the state.
List of Major Industries Private Sectors
The are two types of industries available in the private sector such as SMALL SCALE INDUSTRIES and MNCS & GLOBALIZATION INDUSTRIES. The private sector has also played an important role improve the national economy.
- Small Scale Industries
- MNCs and Globalization Industries
Small Scale Industries
In Small Scale Industries, industries come to which have employed capital of less than $10 million. Almost all items can be manufactured in a small-scale industry, initially, they were classified into two categories, they can use less than 50 employees' power and the capital resources invested in plant and machinery buildings.
Importance of Small-Scale Industries
Small-scale industries are always played a very important role in the country's development and economic growth, which is characterized by the unique feature of labor intensiveness.
- Small-scale industries help to promote the balanced development of industries.
- It is an essential medium for the effective utilization of skills and resource availability.
- Small-scale industries attract new customers and developed brand loyalty.
- Small-scale industries are more focused on employee awareness and skill development.
Major Sectors of Small-Scale Industries
Actually, Small Scale Industries are playing very important roles in around the world in these major sector which is mentioned below one by one.
- Food Processing
- Spots Goods
- Computer Software
- Agricultural Inputs
- Chemicals & Pharmaceuticals
- Plastics Products
- Meat Products
- Leather and Garments
- Textiles and Garments, and more
MNCs and Globalization Industries
MNCs and Globalization Industries have recently increased in the past few years. It has significant implications for the regulation and government of international business, trade, and investment.