Choose if the given statement is True/False.

Public sector enterprises are of no importance as their services can be provided by private individuals as well.

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True

False

answer is B.

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Detailed Solution

The given statement is False.
The public sector includes all those enterprises owned and managed by the government. In the public sector, the government is the one that provides services to the people. There is a need for public enterprises because the motive of public enterprises is to provide services to people at a reasonable price, whereas private enterprises aim to maximize their profits. The government generally sells basic amenities like water and electricity because if private individuals enter these domains, they might sell to the public at high rates. Also, due to reasons of national security, the government must control defense industries instead of selling them to private individuals.

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