Public Sector: The government owns most assets and provides services. The main motive is public welfare, not profit. Funds are raised through taxes. Examples: Indian Railways, Post Office.
Private Sector: Ownership of assets and delivery of services is in the hands of private individuals or companies. The main motive is to earn profit. Examples: Tata Iron and Steel Company Limited (TISCO), Reliance Industries Limited (RIL).
The government takes up activities that the private sector will not provide at a reasonable cost, such as construction of roads, bridges, and dams.
Source: Chapter 2 — Sectors in Terms of Ownership: Public and Private Sectors
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