Read the following features of private sector industries carefully and choose the most appropriate option.
I. These are managed by the government.
II. These types of industries provide large employment.
III. These are owned by individual investors.
IV. Their main motive is to earn more profit.
II. These types of industries provide large employment.
III. These are owned by individual investors.
IV. Their main motive is to earn more profit.
Show Hint
Their main objective is profit maximisation.
Government ownership is a characteristic of the public sector.
Private industries are major contributors to employment and economic growth.
- Only I, II and III are correct.
- Only I, II and IV are correct.
- Only I, III and IV are correct.
- Only II, III and IV are correct.
The Correct Option is D
Solution and Explanation
• Private sector industries are industries owned and managed by private individuals or companies.
• Their primary objective is profit maximisation.
• They contribute significantly to industrial growth, employment generation and economic development.
• Unlike public sector industries, they are not owned or managed by the government.
Step 1: Evaluate Statement I
Statement I: These are managed by the government.
• Private sector industries are managed by private owners.
• Government management is a feature of public sector industries. Therefore, \[ \boxed{\text{Statement I is Incorrect.}} \]
Step 2: Evaluate Statement II
Statement II: These types of industries provide large employment.
• The private sector contributes significantly to employment generation.
• It employs millions of people in manufacturing and service sectors. Therefore, \[ \boxed{\text{Statement II is Correct.}} \]
Step 3: Evaluate Statement III
Statement III: These are owned by individual investors.
• Ownership remains with private individuals, firms or companies.
• Hence, this statement is correct. Therefore, \[ \boxed{\text{Statement III is Correct.}} \]
Step 4: Evaluate Statement IV
Statement IV: Their main motive is to earn more profit.
• Profit earning is the primary objective of private enterprises.
• Therefore, this statement is also correct. Hence, \[ \boxed{\text{Statement IV is Correct.}} \]
Step 5: Select the correct option
Only Statements II, III and IV are correct. Therefore, \[ \boxed{\text{Correct Answer = (D) Only II, III and IV are correct.}} \]
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