Explain the concept of public sector and private sector.
The private sector consists of business organisations owned by individuals or a group of individuals. The various forms of organisation found in this sector include sole proprietorship, partnership, joint Hindu family, cooperative, and company.
The public sector consists of various organisations owned and managed by the government. These organisations may either be partly or wholly owned by the central or state government. They may also be a part of the ministry or come into existence by a Special Act of the Parliament.
Both sectors are viewed as mutually complementary parts of the national sector, contributing to the economic development of the country.
Explanation
The answer is derived from the 'Summary' and section 3.2 of the provided context. It clearly distinguishes the ownership basis (individuals vs. government) and lists the specific forms of organisation for the private sector as mentioned in the text. It also details the constitutional status of public sector organisations (Special Act, ministry involvement) to ensure full marks for the concept explanation.