It is the major subdivision of the government department and is subject to direct control of the ministry.Įnsure that Parliament has effective control over their operations. Subject to accounting and Audit controls applicable to other government activities.Įmployees of the Enterprises are government employees, and their recruitment and working conditions are similar to those of government employees. These Enterprises are funded directly from the government's purse and are an annual allotment from the government's budget. Railways and the Post and Telegraph Department are two examples of these businesses. These endeavours may be governed by the federal or state governments, and the rules of the federal or state governments apply. They operate through government personnel, and its employees are government employees. These businesses are set up as ministry departments and are regarded as extensions or parts of the ministry. Indian Economy- Public and Private Sector In the Indian economy, public sector units, private sector firms, and multinational corporations coexisted. The 1991 industrial policy was diametrically opposed to all previous strategies in which the government considered disinvesting in the public sector and giving the private sector more independence.Īt the same time, companies from outside India were welcomed to invest in India. The Industrial Policy Resolution of 1956 also set forth some goals for the public sector to achieve in order to speed up the rate of expansion and industrialization. The Government of India had established the approach to economic development in the Industrial Policy Resolution of 1948. They could also be a part of the ministry or created by a Parliamentary Special Act. The federal or state governments may own these organisations in part or entirely. The government owns and manages a variety of organisations in the public sector. Individuals or groups of individuals own businesses in the private sector. The Indian economy is made up of both privately held and government-owned businesses.
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