Explain the concept of public sector and private sector.

Private sector consists of privately owned enterprises formed with private ownership, profit motive, without state participation and with independent management. On the other hands, the public sector consists of enterprises owned, controlled and managed by the government, guided by several social, economic and political objectives to maximize public welfare.

The examples of Private Sector and Public Sector Enterprises are Tata Motors, DLF, Vodafone, etc. and GAIL, Pawan Hans Limited, Indian Railways, and so on, . respectively.