PRIVATE SECTOR IN INDIA
The private sector is the part of the economy, sometimes referred to as the citizen sector, which is owned by private groups, usually as a means of enterprise for profit, rather than being owned by the state.
Private sector includes all different types of individual or corporate enterprises, both domestic and foreign, engaged in different fields of productive activity. Private sector enterprises are owned and managed by the private sector. These private sector enterprises are mostly characterized by certain common characteristics like private initiative, profit motive and ownership and management in private hands.
India is a capitalistic biased mixed economy.
The private sector is actually playing a crucial role in the Indian economy.
They are the chief agents in creating employment, providing funds, building competitiveness and driving innovation – all essential instruments for growth.