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With the reference to the function of the Public Sector in India, which of the following statements is/are correct? I. To provide public utility resources II. To build social and economic overhead capital III. To ensure balanced regional and sectoral growth IV. To pursue egalitarian goals Select the correct answer using the codes given below :

With the reference to the function of the Public Sector in India, which of the following statements is/are correct? I. To provide public utility resources II. To build social and economic overhead capital III. To ensure balanced regional and sectoral growth IV. To pursue egalitarian goals Select the correct answer using the codes given below : Correct Answer I, II, III and IV are correct

The correct answer is I, II, III and IV are correct.

Key Points

  • The Function of Public Sector in India
    • To provide public utility resources
    • To build social and economic overhead capital
    • To ensure balanced regional and sectoral growth
    • To pursue egalitarian goals
    • Generation of Income
    • Capital Formation
    • Employment
    • Infrastructure
    • Strong Industrial base
    • Export Promotion and Import Substitution
    • Contribution to Central Exchequer
    • Checking Concentration of Income and Wealth

Additional Information

  • Before Independence, there were few ‘Public Sector’ Enterprises in the country.
    • These included the Railways, the Posts, and Telegraphs, the Port Trusts, the Ordnance Factories, All India Radio, few enterprises like the Government Salt Factories, Quinine Factories, etc. which were departmentally managed.
  • Independent India adopted planned economic development policies in a democratic, federal polity.
  • The country was facing problems like inequalities in income and low levels of employment, regional imbalances in economic development, and lack of trained manpower.
  • India at that time was predominantly an agrarian economy with a weak industrial base, low level of savings, inadequate investments, and infrastructure facilities.
  • Because of this type of socio-economic setup, our visionary leaders drew up a roadmap for the development of the Public Sector as an instrument for self-reliant economic growth.
  • This guiding factor led to the passage of the Industrial Policy Resolution of 1948 and followed by the Industrial Policy Resolution of 1956.

Related Questions

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Assumptions :
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