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PRIVATE, PUBLIC AND GLOBAL ENTERPRISES 59 The public sector consists of outside India. Thus, multinational various organisations owned and corporations or global enterprises managed by the government. These which operate in more than one organisations may either be partly or country gained entry into the Indian wholly owned by the central or state economy. Thus, we have public sector government. They may also be a part units, private sector enterprises and of the ministry or come into existence global enterprises coexisting in the by a Special Act of the Parliament. TheIndian economy. government, through these enterprises participates in the economic activities3.3 F orms of O rganising Public of the country. S ector E nterprises The government in its industrial Government’sparticipationinbusiness policy resolutions, from time-to- and economic sectors of the country time, defines the area of activities in which the private sector and public needs some kind of organisational sector are allowed to operate. In the framework to function. You have studied about the forms of business Industrial Policy Resolution 1948, organisation in the private sector the Government of India had specified the approach towards development of viz., sole proprietorship, partnership, the industrial sector. The roles of theHindu undivided family, cooperative private and public sector were clearly and company. In the public sector, as it grows, an defined and the government through important question arises in respect of various Acts and Regulations was overseeing the economic activities of how it is to be organised or what form both the private and public sector. of organisation it should take. The The Industrial Policy Resolution, 1956 government has a major role to play in the formation of the public sector. But had also laid down certain objectives for the public sector to follow so as thegovernmentactsthroughitspeople, to accelerate the rate of growth and its offices, employees and they take industrialisation. The public sector decisions on behalf of the government. For this purpose, public enterprises was given a lot of importance but at the same time mutual dependency were formed by the government to of public and private sectors was participate in the economic activities emphasised.The1991industrialpolicy of the country. They are expected was radically different from all the to contribute to the economic deve- lopment of the country in today’s earlier policies where the government was deliberating disinvestment of liberalised, competitive world. These public sector and allowing greater public enterprises are owned by freedom to the private sector. At the the public and are accountable to the public through the Parliament. same time, foreign direct investment was invited from business houses They are characterised by public Reprint 2026-27