Public Sector Units in India, steps towards privatization

Abstract

There are public or public enterprises which are owned by the government and which are also managed by the state machinery. Public undertaking refers to such industrial and commercial undertakings, which are established by the government and operated by the government itself. The government, in its economic policy proposals announced from time to time, defines the areas of activity in which the private sector and the public sector can operate. In the Industrial Policy 1948, the government clarified its approach towards the development of the industrial sector, clearly defined the role of both the private sector and the public sector, and the government monitored the activities of both sectors through various acts and rules.