Write short note on: Classification of industries based on ownership.

Answer: On the basis of who owns and manages them, industries are classified into four types.

• Private sector industries: owned and run by individuals or a group of individuals/companies, e.g. Tata Steel, Reliance Industries, Bajaj Auto.
• Public sector industries: owned and run by the government (central or state), e.g. Bharat Heavy Electricals Ltd (BHEL), Steel Authority of India Ltd (SAIL).
• Joint sector industries: owned and managed jointly by the government and private individuals/companies, e.g. Maruti Udyog Ltd (initially), Oil India Ltd.
• Co-operative sector industries: owned and run by producers or suppliers of raw material who pool resources as members, e.g. co-operative sugar factories in Maharashtra, Amul dairy in Gujarat.
• Profit in co-operatives is shared among members; public sector aims at public welfare as well as profit.