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1. #DIFFERENCE BETWEEN PLATINUM NOTES 3 AND 4 FOR FREE#
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Internal Autonomy: It enjoys a good deal of autonomy in its day to day operations and is free from political interference.Ģ. It is not subject to same accounting & audit rules which are applicable to govt. This type of enterprise is usually independently financed. It has its own staff, recruited and appointed as per the provisions of act.ĥ. Its management is vested in a Board of directors appointed or nominated by government.Ĥ. It is established under a special act which defines its objects, powers and functions.ģ. Its objectives, powers and functions are clearly defined in the special Act.Įxamples: Unit Trust of India, Life Insurance Corporation.ġ. It is established under a special Act passed in parliament or state legislative assembly.

(ii) where secrecy is very important such as defence. officials who may not have the necessary expertise and experience in management. Such organization are managed by civil servants and govt. These organizations are usually insensitive to consumer needs and do not provide goods and adequate service to them.ĥ. It suffers from red tapism in day to day Work.Ĥ. It lacks flexibility which is essential for smooth operation of business.ģ. It suffers from interference from minister and top officials in their working.Ģ. It is suitable for activities where secrecy and strict control is required like defence production.ġ. It is accountable to parliament for all its actions which ensures proper utilization of funds.Ĥ. as it is under the direct control of govt.Ģ. It is more effective in achieving the objective laid down by govt. Accountability: These are accountable to the concerned ministry.ġ. employees & are recruited & appointed as per govt. rules relating to audit & accounting are applicable to it.Ĥ. Finance: It is financed by annual budget allocation of the govt.

No Separate Entity: It has no Separate legal entity.Ģ.

or state govt.Įxamples: Indian Railways, Post & Telegraph departments.ġ. These are established as departments of the ministry and are financed, managed and controlled by either central govt. Management & control are in the hands of govt. Public welfare or Service is the main objective.ģ. Capital is contributed by central or state or both govts.Ģ. participates in economic activity of the country through these enterprises.ġ. Meaning: The public sector consists of various organizations owned and managed by central or State or by both governments. The varios forms of organisation are- sole proprietorship, partnership, joint hindu family, cooperative and company. The private sector consists of business owned by individuals or a group of individuals. Private, Public and Global Enterprises class 11 Notes Business Studies Revising notes in exam days is on of the best tips recommended by teachers during exam days. The revision notes help you revise the whole chapter in minutes. These are the Private, Public and Global Enterprises class 11 Notes Business Studies prepared by team of expert teachers.

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