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You would have noticed all sorts of business establishments in your everyday life. In your locality bazaar or marketplace, there are shops run or owned by single owner or large retail organisations run by a concern. Also, there are people offering you services such as medical services, legal services, etc that are owned by more than one single person, that is, joint venture organisations. All these are privately owned establishments. Likewise, there are other firms or offices of business that could be owned by the government. For instance, Railways is an organisation that is entirely owned and administered by the government. Similarly, the post office in your local area is owned by the Post and Telegraph Department, under the Government of India, even though our reliance on the postal services, especially in big cities and towns there has been a major cut down. The reason for this is the existence of many private courier services businesses functioning in big towns/cities. Also, there are business organisations that function elsewhere in more than one country and are called global enterprises. Hence, you would have noticed that all kinds of establishments do businesses in the country irrespective of their sector, be it public, private or global. In this section, we will investigate on how the economy is categorized as two sectors, the public and the private sector, and the various types of public firms, its role and responsibility with that of the international firms.

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