How industries are classified on the basis of ownership ? Explain.
(1) Industries are classified on the basis of ownership into various categories as mentioned below : Public sector Private sector Joint sector Cooperative sector. (2) These are explained below : Public sector : These are owned and operated by the government agencies. Examples are BHEL, SAIL etc. Private sector : These industries are owned and operated by individuals or a group of individuals. Their main object is to earn profit. Examples are TISCO, Bajaj Auto Ltd., Dabur Industries. Joint sector : These industries are jointly run by the state and individual or a group of individuals. Examples Oil India Ltd. which is jointly owned by private and pubic sector. Cooperative sector : These industries are owned and operated by the producers or suppliers of raw materials, workers or both. They pool in the resources and share the profits or losses proportionately such as the sugar industry in Maharashtra, the coir industry in Kerala.
