GSEB Solutions Class 8 Social Science Chapter 9 Our Economic System

Gujarat Board GSEB Solutions Class 8 Social Science Chapter 9 Our Economic System Textbook Exercise Important Questions and Answers, Notes Pdf.

Gujarat Board Textbook Solutions Class 8 Social Science Chapter 9 Our Economic System

GSEB Class 8 Social Science Our Economic System Textbook Questions and Answers

1. Answer the following questions in short.

Question 1.
Which economic activities are Included in the primary sector?
Answer:
Forest areas, mining areas, animal husbandry areas, fisheries, etc. are included in primary sector.

Question 2.
Which economic activities are Included in the (Tertiary) service sector?
Answer:
Means of transportation and communication, education, health, banking and insurance companies, travel and entertainment, cooking gas, electricity services, etc. are included in the (Service) ‘Tertiary sector’.

Question 3.
Give few examples of the cooperative sector.
Answer:
Co-operative sector :
(1) The dairy run by the National Dairy Development Board (N.D.D.B.), Dudhsagar Dairy, AMUL Dairy, etc. Apart from these many sugar factories are run on government standards.
Other co-operative sector units are :

• Gujarat Co-operative Oilseeds Growers’ Federation Ltd. (‘GROFED’ for short) and
• Gujarat State Co-operative Marketing Society Limited (GUJCOMASOL).

Question 4.
What steps have been taken by government to Increase the agricultural production?
Answer:
Steps taken by the government to increase agricultural production :

• Irrigation facilities have been developed in the country with the help of irrigation plans.
• Government provides chemical fertilizers like NPK (nitrogen, phosphorous and potash), DAP (Di-ammonium phosphate) and urea to farmers at subsidized rates.
• Government provides monetary loans are provided to needy farmers through agricultural loan plans. Monetary aid is provided in the form of subsidy or advances money as well as subsidies in the prices of best quality seeds, pesticides, pump sets or tractors.
• Guidance about scientific methods of agriculture is provided through print and electronic media.
• Agriculture Universities have been established in almost all the states of the country to ready expert and educated farmers as well as agriculture scientists.
• To ensure that farmers get proper rates for their produce, modern trade centres (Local Marketing Yards) have been set up.
• Storehouses, as well as transport and communication facilities, have been increased at government as well as co-operative level.
• Farmers are given insurance protection with the help of agricultural insurance policies.
• Many times the government itself purchases produce like ground nuts or onions. To ensure that the farmers get correct rates, many state governments themselves purchase crops like grains, cotton and sugarcane on a large scale.

Question 5.
Which year onwards did India promote the policy of liberalization?
Answer:
The policy of liberalization was promoted from the year 1991 onwards in India.

Question 6.
What do you mean by globalization?
Answer:
‘Globalization’ means the world becoming one or countries coming closer to one another. Due to globalization, any country of the world can trade with another country easily.

2. Answer the following questions in detail.

Question 1.
Explain the difference between private sector and public sector.
Answer:

Private Sector	Public Sector
(1) Industries that are owned and run by private owners are known as Private Sector Industries.	(1) Industries that are owned by the government and run under government policies are known as Public Sector Industries. For e.g., Bharat Heavy Electricals Limited (BHEL).
(2) The running of a private sector unit is in the hands of the individual(s) who owns (own) It.	(2) Public sector units are run by salaried officials appointed by the government.
(3) Farming. retail and wholesale businesses, small and cottage Industries, etc. are owned by private sector.	(3) Important key industries, factories producing arms and ammunition, railways, electricity, banks, insurance, large-scaled irrigation plants, etc. are services that are generally owned by public sector
(4) Business related to consumer goods, less risk-oriented and those businesses that need less capital fall In this category.	(4) Industries where huge capital Is required and where production for social well-being and national security Is done are kept reserved for the public sector.
(5) Since private sector units are supervised by a single person, the quality of products Is maintained stringently.	(5) Due to the fact that states hold the rights to some of the services and production of public sector enterprises, the quality of products or services is not maintained.

Question 2.
Why did the government incline towards privatization?
Answer:
Privatization means the process by which government-owned enterprises or public sector industries are handed over to private agencies or owners. This happened because public sector units were suffering losses while private sector units were making more profit. The Joint Sector is a part of the process of privatization. After independence, many Public Ventures started by the government made lesser profits with the passage of time.

They incurred heavy losses. Due to this, many public ventures had to be closed down. The economy was impacted. Though workers were united quality and industries suffered. On the other side, emphasis on quality increased which helped the Private Sector to make good profits. These circumstances motivated ‘Privatization’. So the government showed an inclination towards Private Sector.

Question 3.
State the effects of globalization.
Answer:
Effects of globalization :
Employment opportunities have increased in the service sector with the advent of information technology.

Phone, fax, mobile, e-mail, internet, video conference, etc. are some of the revolutionary tools of information technology which transfer information faster and at low cost. This has made the economic development of our country faster.

Multinational companies have started projects in different countries which have proved profitable for the host nations also. For e.g., the Ford Motors has a car manufacturing plant in India where cars are manufactured not only for India but for other countries, too. Apparently, India receives the advantage of such plants. Other examples are Tata Motors, Asian Paints, etc. that export their goods globally.

Competition in the world markets results in high-quality goods being available to customers at low prices. For e.g., Chinese toys have become very popular in the Indian market due to their low prices and attractive designs. Within a year, Chinese toys have replaced Indian toys in 70 % to 80 % shops. Thus, toys are cheaper in the Indian markets now than they were previously.

3. Match the items in column ‘A’ with that in column ‘B’.

(A) Challenges faced by the agricultural sector	(B) Possible measures
1. Land without Irrigation.	1. Establishment of agro-based Industries.
2. Less return on crop production.	2. Co-operatIve committees for sales and purchase.
3. Indebtedness.	3. Purchase of food grains by government.
4. Lack of employment opportunities during recession.	4. IrrigatIon canals made by government.
5. Problem faced by farmers In selling crops after harvesting.	5. FacilIty of loan at low-Interest rate by bank.

Answer:
(1-4),
(2-3),
(3-5),
(4-1),
(5-2).

4. Classify the following examples into organized and unorganized sectors.

Question 1.
A teacher teaching in school.
Answer:
organized

Question 2.
A farmer irrigating his own field.
Answer:
unorganized

Question 3.
A doctor treating patients in a hospital.
Answer:
unorganized

Question 4.
A worker working on daily wages with a contractor.
Answer:
unorganized

Question 5.
A worker who goes to work in a big factory.
Answer:
organized.

5. Prepare a project after visiting any industrial unit? wit farm I co-operative dairy I cottage industry which is near by your place.

6. Answer the following questions with the help of an expert.
1. Know about the agriculture promotIon schemes with the help cl a ‘Gramsevat (Gram Vikas officer).
2. Farmers open their accounts In Gramin banks. Visit any two farmers who have their accounts In gramin bank and dIscuss about the benefits they have received from the bank.
3. How are the farmers benefitted by the agriculture-related programmes telecast on radio or Doordarshan? Discuss It with two farmers.
4. The helpline number for farmers Is 1551. What assistance Is provided to farmers on this helpline number?

Activities:

1. Project: Prepare a project after visiting any industrial unit/salt farm / cooperative dairy/cottage industry which is near your place.
2. Answer the following questions with the help of an expert:

• Know about the agriculture promotion schemes with the help of a ‘Gramsevak (Gram Vikas Officer)’.
• Farmers open their accounts in Gramin banks. Visit any two farmers who have such accounts and discuss about the benefits they have received from the bank.
• How do farmers benefit by agriculture-related programmes broadcast on radio or on Doordarshan? Discuss it with two farmers.
• The helpline number for farmers is 1551. What assistance is provided to farmers on this helpline number?

3. See the table related to a cup of tea and think:

• The owner of the hotel bears ₹ 7.50 for one cup of tea and earns a profit of ₹ 2.50. What will be the selling price?
• Suppose the cost of milk increases by ₹ 2 per litre. Then what will be the original cost and selling price of a cup of tea?
• What will be the effect on your household budget if the price of sugar increases by ₹ 1 per kg?
• What will be the effect on your household budget if the price of a gas cylinder increases by ₹ 50 per cylinder?
• What will be the effect on bus and school bus fare if the price of diesel increases by ₹ 2.50 per litre?

GSEB Class 8 Social Science Our Economic System Intext Questions and Answers

Question 1.
The importance of service sector has been increasing day by day in India. Discuss why.
Answer:
India is a developing country. Due to the new economic policy formulated in 1991 the economy of India has gained pace. The proportion of primary and secondary sector activities has increased. Consequently, the service sector has got a boost due to these two sectors. The contribution of the service sector to Indian economy was 17.2% in 1950-51 which has increased to 25.8% in 1999-2000.

The contribution of the service sector to India’s national income was 28 % in 1950 – 51 which has increased to 49.2 % in 2001-02. This is how the importance of service sector has been increasing in the field of employment and national income. Thus, it can be said that the importance of the service sector is increasing day by day in India.

Question 2.
Who increases the prices of milk, sugar, gas, diesel, etc.? Why?
Answer:
When milk and sugar are produced In less quantity, their manufacturers increase the prices. The prices of gas and diesel depend upon the International prices. When the price of these commodities increases in the international market, their cost price Increases. Therefore, their manufacturers increase their selling price, too.

Question 3.
Do you see any difference in the employment conditions of Kamal and Kanta? Discuss.
Answer:
There is a huge difference in the employment conditions of Kamal and Kanta.

• Kanta works for 8 hours per day, while Kamal works for 13 hours per day.
• Besides regular salary, Kanta gets the benefit of the government pension plan. She also gets medical allowance and other allowances, while Kamal does not receive anything except daily wages.
• Kanta has a holiday on Sunday, but she gets the salary for this day too. While Kamal does not get the wages of the day on which he does not work.
• Kanta has been given an appointment letter for her job. It contains rules and regulations for the job. Since Kamal has not received any appointment letter, his boss can tell him to leave the job at any point of time.
• Kanta works in an organized sector, while Kamal works in an unorganized sector.

Question 4.
What should Indian toy manufacturers and traders do to increase their sales in the Indian market?
Answer:

• Businessmen should purchase raw materials at low cost and manufacture toys by spending less.
• They should make toys with the latest designs and technology according to the demand of customers.
• To increase the sale of toys businessmen should give attractive deads and benefits to retail dealers.
• Businessmen should announce special discounts on toys to attract customers. For e.g., Buy two, get one free.

Question 5.
Which Multinational companies have started their projects in India? Which sectors of Indian economy have been affected by it? Explain with suitable examples.
Answer:
1. The Maruti Suzuki Company of Japan has started the production and sale of ‘Maruti’ cars in India jointly with the government of India. Consequently, the numbers of cars like the ‘Ambassador’ and ‘Fiat’ which have been running on Indian roads for years has decreased considerably. Therefore, the profits of these companies have decreased substantially.

2. The foreign company Coca-Cola has started the production and sale of its soft drinks in India. Therefore, the soft drink ‘Thums Up’ of the Indian company Parle has lost a lot of its market. Therefore, the Parle Company sold all the manufacturing and sale rights of ‘Thums Up’ to Coca-Cola Company.

Question 6.
Money issued from bank returns to the bank. Write down this entire process on the lines given below.
Answer:
The farmer used the money he had withdrawn from the bank for agricultural purposes. He sold the produce in the market yard and earned money. With this money, he purchased sweetmeats, vegetables and fruits as well as books and other stationery items for his children. Thereafter, he deposited the remaining money in the bank in his account. In this way, the money withdrawn from the bank got returned to the bank itself.

Question 7.
Write about the economic activity your mother or father is involved in.
Answer:
My mother works as a teacher in our village high school and my father is a clothes’ merchant.

Question 8.
Write about the different ways in which the income of your family is used.
Answer:
The income of my family is mostly used in home expenses, tuition fees of the school, petrol for vehicles, medicines, new clothes, travelling and entertainment.

Box Questions And Answers

Example of Economic Activity	What will be the effect?	What does it indicate?
(1) What if a farmer refuses to sell sugarcane to sugar mills?	The sugar mill will close down. There will be no sugar available in the market.	A secondary sector activity cannot proceed without raw material provided by primary sector.
(2) What if textile mills in India decide to import cotton from other countries rather than purchasing it from Indian farmers, then what will happen to cotton farming?	Cotton farming will not be done in India. The farmers will have to lose their income from cotton.	Indian farmers will become the victims of the global economic policy accepted by India. This will be a disadvantage of the said policy that India will have to bear.
(3) A farmer buys a tractor, a pump- set, electricity, chemical fertilizer, pesticides, etc. What if the prices of the pump-set and chemical fertilizer increase?	The cost price of the farmer’s agri-culture produce will increase. So the farmer will get less profit from his sales of harvested crops.	When the cost prices of primary sector products increase the production cost of secondary sector products also increases.
(4) Food is required by those working in the Secondary (Industrial) or Tertiary (Service) sector. What if the transporters go on strike and refuse to bring vegetables, milk, etc. from the village.	Workers will neither get a balanced diet nor sufficient food. So, their health will be affected adversely. They may even fall sick.	It is the responsibility of the service sector to reach the products of the primary and the secondary sectors to the market. If the transport facility stops, the activities of the primary sector, as well as those of the secondary sector, will close down.

GSEB Class 8 Social Science Our Economic System Additional Important Questions and Answers

Choose the correct alternative from those given below each question:

Question 1.
Which of the following economic activity belongs to the primary sector?
A. Machine industry
B. Agriculture
C. Transport
D. Health
Answer:
B. Agriculture

Question 2.
Which of the following economic activity belongs to the service sector?
A. Manufacturing nuclear weapons
B. Fisheries
C. Banking
D. Animal husbandry
Answer:
C. Banking

Question 3.
Which of the following economic activity belongs to the service sector?
A. Education
B. Electricity
C. Conservation of forests
D. Factories
Answer:
A. Education

Question 4.
Which of the following economic activities belong to the secondary sector?
A. Security equipment
B. Mining sector
C. Travel and entertainment
D. Forest sector
Answer:
A. Security equipment

Question 5.
Which of the following sectors is also known as the ‘manufacturing sector’?
A. Primary sector
B. Service sector
C. Higher sector
D. Secondary sector
Answer:
D. Secondary sector

Question 6.
Which of the following is an industry of the public sector?
A. Bhilai Steel Plant
B. Reliance
C. Alembic
D. Cadila
Answer:
A. Bhilai Steel Plant

Question 7.
To which sector does Oil and Natural Gas Commission (ONGC) belong?
A. Private sector
B. Public sector
C. Joint sector unit
D. Co-operative sector
Answer:
B. Public sector

Question 8.
To which sector does the Tata Iron and Steel Com¬pany Limited (TISCO) belong?
A. Co-operative sector
B. Joint sector unit
C. Public sector
D. Private sector
Answer:
D. Private sector

Question 9.
To which sector does the Mehsana Dudhsagar Dairy belong?
A. Joint sector unit
B. Public sector
C. Private sector
D. Co-operative sector
Answer:
D. Co-operative sector

Question 10.
To which sector does the Bharat Heavy Electricals Limited (BHEL) belong?
A. Co-operative sector
B. Public sector
C. Private sector
D. Joint sector unit
Answer:
B. Public sector

Question 11.
From which year did the Indian Government make changes in economic policies?
A. From 1985
B. From 1988
C. From 1991
D. From 1998
Answer:
C. From 1991

Question 12.
Which aspect was not included in the improvements made by the Industrial policy of 1991?
A. Privatization
B. Liberalization
C. Globalization
D. Nationalization
Answer:
D. Nationalization

Question 13.
Which process is Joint Sector Unit a part of?
A. Nationalization
B. Privatization
C. Liberalization
D. Globalization
Answer:
B. Privatization

Question 14.
Which Industrial policy did the Indian Government implement in 1991?
A. Economic liberalization
B. Privatization
C. Nationalization
D. Globalization
Answer:
A. Economic liberalization

Question 15.
In which year was the World Trade Organization (W.T.O.) established?
A. In 1992
B. In 1998
C. In 1991
D. In 1995
Answer:
D. In 1995

Question 16.
What is the process by which public sector or government-owned units are handed over to private owners known as?
A. Privatization
B. Liberalization
C. Globalization
D. Decentralization
Answer:
A. Privatization

Question 17.
Which government is bringing international markets and products closer to one another?
A. Liberalization
B. Privatization
C. Globalization
D. Nationalization
Answer:
C. Globalization

Question 18.
In which sector have more job opportunities been created due to the unique revolution in the field of information technology?
A. Primary sector
B. Secondary sector
C. Tertiary sector
D. Fourth sector
Answer:
B. Secondary sector

Question 19.
Which of the following companies has made a place for itself in the international market?
A. Tata Chemicals
B. Torrent Power
C. Asian Paints
D. Vimal Oil
Answer:
C. Asian Paints

Fill in the blanks with proper words or numbers in the following statements:

Question 1.
The sector providing raw material for food commodities and industrially manufactured goods is known as …………………….. sector.
Answer:
primary

Question 2.
The activity that makes raw material useful after completing some mechanical processes on primary sector products is known as the economic activity of the …………………………… sector.
Answer:
secondary

Question 3.
Travel and entertainment are activities of the ……………………. sector.
Answer:
Service

Question 4.
Industries that are under the ownership of the government and run under government policies are known as ……………………… sector industries.
Answer:
public

Question 5.
Industries that are owned and run by private owners are known as …………………. sector industries.
Answer:
private

Question 6.
Many times people of a society come together and make a group which is co-operative and undertake manufacturing and selling of a certain product. Such a unit is known as …………………….. sector unit.
Answer:
co-operative

Question 7.
The Indian Government implemented the policy of liberalization in the year ………………… .
Answer:
1991

Question 8.
……………………………… sector is a part of the process of privatization.
Answer:
Joint

Question 9.
The W.T.O. (World Trade Organization) was established in ……………………… .
Answer:
1995

Question 10.
More job opportunities have been created in the ………………………….. sector due to the unique revolution in the field of information technology.
Answer:
service

Question 11.
Many times small scale industries suffer losses due to …………………… .
Answer:
world trade

State whether the following statements are true or false:

Question 1.
We use many natural products in their original forms itself.
Answer:
True

Question 2.
The activity of making jaggery from sugarcane is an activity of the primary sector.
Answer:
False

Question 3.
Air and sea routes are part of the activities of the secondary sector.
Answer:
False

Question 4.
Minerals are found from the surface of the Earth.
Answer:
False

Question 5.
Torrent Power is an industry of the private sector.
Answer:
True

Question 6.
Kanta works in an organized firm.
Answer:
True

Question 7.
Kamal works in an unorganized firm.
Answer:
True

Question 8.
Public enterprise is a part of the process of privatization.
Answer:
False

Answer the following questions in one or two sentences:
Question 1.
What is ‘primary sector’?
Answer:
The sector providing raw material for food commodities and industrially manufactured goods is known as primary sector.

Question 2.
What is known as the economic activity of the secondary sector (manufacturing sector)?
Answer:
Certain primary products can be used only after they have been processed into a finished product. Such economic activity is called the activity of the ‘Secondary Sector’.

Question 3.
Which economic activities are included in the secondary sector (manufacturing sector)?
Answer:
The secondary sector (also known as the manufacturing sector) includes small and large scale industries, manufacturing machineries, units manufacturing electrical equipments, consumer goods, chemicals and dyes, clothes, defense equipments, etc.

Question 4.
Which important services have started in recent times?
Answer:
In modern times, ATM, call centres, software companies, etc. have also become important services.

Question 5.
What is known as a public sector industry? Give examples.
Answer:
Industries that are owned by the government and run under government policies are known as ‘Public Sector Industries’. For e.g., Bharat Heavy Electricals Limited (BHEL).

Question 6.
What is known as a private sector industry? Give examples.
Answer:
Industries that are owned and run by private owners are known as ‘Private Sector Industries’. For e.g., Reliance Industries Limited (RIL).

Question 7.
What is known as Joint Sector? Give examples.
Answer:
Industries that are owned and run by both, govern¬ment and private owners are known as ‘Joint Sector Units’. For e.g., Maharashtra Scooters. The government enjoys greater control in these ventures.

Question 8.
Why has the Indian Government brought about some changes in its economic policies?
Answer:
To keep pace with the developing world, to flow with the global tide and to make India a developed nation, the Indian government has brought about certain changes in its Economic Policies.

Question 9.
Which new aspects were included in the new economic policy formulated in 1991?
Answer:
In the new economic policy formulated in 1991 the three aspects: liberalization, privatization and globalization, were included.

Question 10.
What is the meaning of ‘economic liberalization?
Answer:
According to the policy of ‘economic liberalization’ certain regulations related to manufacturing, trade and commerce were removed. Duties and tax relaxations on import-export were announced.
Privatization means the process by which government-owned enterprises or public sector industries are handed over to private agencies or owners. This happened because public sector units were suffering losses while private sector units were making more profit. The Joint Sector is a part of the process of privatization.

Question 11.
What was done according to the policy of ‘economic liberalization?
Answer:
The process of establishing a new manufacturing unit was made simpler. Certain duties and taxes on import-export were reduced. As a result, India fyas been able to keep pace with the world in terms of production, trade and commerce. It has also generated more employment opportunities.

Question 12.
What has been the result of the policy of ‘economic liberalization?
Answer:
Due to the policy of ‘economic liberalization, India has been able to keep pace with the world in terms of production, trade and commerce. It has also generated more employment opportunities.

Question 13.
What does ‘privatization’ mean?
Answer:
‘Privatization’ means the process by which government-owned enterprises or public sector industries are handed over to private agencies or owners.

Question 14.
Which is the important aspect that has stimulated the process of globalization?
Answer:
The unique revolution in the field of information technology has stimulated the process of globalization.

Question 15.
Which organization is working in towards promoting globalization?
Answer:
The W.T.O. (World Trade Organization) which was established in 1995 is working towards promoting/fostering globalization.

Question 16.
Why have new employment opportunities been created in the service sector in India?
Answer:
New employment opportunities have been created in the service sector in India due to information technology.

Question 17.
What has led to the swift economic development of our country?
Answer:
Phone, fax, mobile, e-mail, internet, video conference, etc. are some of the revolutionary tools of information technology which give information faster at low prices. This has led to the swift economic development of our country.

Question 18.
How have customers benefitted due to the economic policy of globalization?
Answer:
Due to the economic policy of globalization, there is great competition in the world markets. As a result, quality of goods has improved and good quality products are avail¬able to customers at cheaper rates.

Question 19.
Why have toys become cheaper in Indian markets nowadays as compared to earlier times?
Answer:
China has flooded the Indian market with attractive toys. These toys have become very popular due to their low prices and attractive designs. Within a year, Chinese toys have replaced Indian toys in 70 % to 80 % shops. Thus, toys are cheaper in the Indian markets now than they were previously.

Answer the following questions in detail:

Question 1.
Which fields does economic activity depend on? Explain.
Answer:
There are three main fields of economic activity:

1. Primary Sector,
2. Secondary Sector and
3. Service Sector.

1. Primary Sector: The sector providing raw mate¬rial for food commodities and industrially manufactured goods is known as ‘Primary Sector’. Forest, mining, animal husbandry, fisheries, etc. that provide raw material for food and industry are included in primary sector. Grains, fruits and vegetables as well as vegetation are examples of this. Wood, medicinal herbs, gum, resin, lac, etc. are obtained from forests.

Milk, meat, bones and leather are obtained from animals. Fish are obtained from water. Minerals are obtained from underground. This is how forest areas, mining areas, animal husbandry areas, fisheries, etc. provide raw material for food commodities and industrially manufactured goods.

2. Secondary Sector (Manufacturing Sector): Certain primary products can be used only after they have been processed into a finished product. Such economic activity is called the activity of the ‘Secondary Sector’. The secondary sector (also known as the manufacturing sector) includes small and large scale industries, manufacturing machinery, units manufacturing electrical equipments, consumer goods, chemicals and dyes, clothes, defence equipment, etc. For e.g., making cloth from cotton, oil from cotton seeds, jaggery and sugar from sugarcane, bricks from soil, etc.

The secondary sector includes units producing machines, transport and communication facilities, electricity, final products, mineral industries, industries manufacturing arms and ammunition, dyes and chemicals, cloth factories, and units manufacturing handicrafts and all other goods.

3. Service Sector: The Service Sector is also known as the Tertiary Sector. The Primary and the Secondary sectors cannot function without this sector. Means of transportation and communication, education, health, banking and insurance companies, travel and entertainment, cooking gas, electricity services, etc. are included in the ‘Service Sector’. In modern times, ATMs, call centres, software companies, etc. have also become important services.

Question 2.
Classify the various economic activities of India according to their ownership.
Answer:
Various economic activities of India according to their ownership :
1. Government-Owned Enterprises and Public Sector Businesses: Industries that are owned by the government and run under government policies are known as ‘Public Sector Industries’. For e.g., Bhilai Steel Plant, Bharat Heavy Electricals Limited (BHEL), Oil and Natural Gas Commission (ONGC), etc. are government-owned enterprises.

2. Privately Owned Enterprises or Private Sector Businesses: Industries that are owned and run by private owners are known as ‘Private Sector Industries’. For e.g., Reliance Industries Limited (RIL), Tata Iron and Steel Company Limited (TISCO), Torrent, Cadila, Alembic, etc. are privately owned enterprises.

3. Joint Sector: Industries that are owned and run by both, government and private owners are known as ‘Joint Sector Units’. The government has a greater hold on such units. For e.g., Maharashtra Scooters, G.N.F.C. and Gujarat Alkalis, etc.

4. Co-operative Sector Units: When individuals who are not economically sound, pool their resources and form a group for business purposes, their venture is termed as a co-operative sector unit. For e.g., dairies and sugar factories are examples of this sector.