The public sector is the area of the economy that is made up of all tiers of government and businesses that are under government control. It excludes private businesses. The public sector is typically made up of businesses run and owned by the government that exist to serve the needs of its people. Public sector organizations frequently use outsourcing to contract with private businesses to provide goods and services to their constituents.
All federal, state, county, and city agencies fall under the definition of a public sector organization, as do other organizations owned by the government. Although the postal service is regarded as a separate entity, it is actually a component of the executive branch. Despite the fact that it makes its own money, it is regarded as being in the public sector.
In India, there are three different organizational structures utilized by public sector businesses. Which are: Government Company, Statutory (or Public) Corporation, and Departmental Undertaking
The public sector aids in a nation’s economic growth by encouraging rapid economic growth through the development and extension of infrastructure. As a result, it creates work possibilities, which further aid in the growth of a nation’s financial resources.