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Public Sector Functions

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IMPORTANCE/ADVANTAGES/
FUNCTIONS/ROLE OF PUBLIC
SECTOR

IMPORTANCE/ADVANTAGES/
FUNCTIONS/ROLE OF PUBLIC SECTOR

Meaning: -In India, the sectoral organisation of

business can be broadly divided into two
groups—Private sector organisation and public
sector organisation. Public sector plays an
important role in the economic development of
India. The role and importance of public sector
can be briefly explained as follows:

1. Employment: - public sector provides

employment to large number of people in the
country. For instance, the Indian Railways
provide employment to about 15.5 lakh
people, perhaps the largest employer in the
world.

2. Rural Development: - public sector units

facilitate rural development. This is possible
due to:

i. Infrastructure development, both economic

and social infrastructure
ii. Locating Projects in rural areas like the
Bokara Steel Plant, the Raurkela Steel Plant,
etc.

3. National Income: - public sector units

contribute to the national income of the
country. The public sector has grown in size
over the years both in terms of number of units
as well as in production. It is estimated that
the public sector’s contribution to GDP is
about 25%, and that of the private sector’s
75%.

4. Capital formation: -The public sector

contributes to capital formation by mobilisation
of savings through public sector banks. The all
India financial institutions like IDBI, ICICI, etc.,
play an important role in industrial investment
and capital formation by providing medium
terms and long-term funds to industry and
service sector.

5. Foreign Exchange Earnings: -The public

sector enterprises have contributed to the
export earnings of the country. The public
sector units export a number of products like
engineering goods, chemicals, minerals,
metals, etc. they also export services.

6. Social Order: -The public sector units

contribute to the social order b y providing
employment to a large number of people in the
country. The employment generation reduces
the possibility of anti-social activities.

7. Government Revenue: -PSUs bring revenue

to the Government. The revenue is in the form
of:

a. Direct Taxes
b. Indirect Taxes
c. Profits of PSUs

8. Infrastructure Development: -Public sector

units play an important role in the
development of the infrastructure of the
nations. The public sector has developed
roadways, railways, airways, power, and so
on.

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Online MSc Psychology

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