PUBLIC

ENTERPRISE
 Origin and
Importance
Definitions
2

Characteristi
cs
Types
 Public enterprise, a business organization
wholly or partly owned by the state and
controlled through a public authority. Some
public enterprises are placed under public
ownership because, for social reasons, it is
3
thought the service or product should be
provided by a state monopoly. Utilities (gas,
electricity, etc.), broadcasting,
telecommunications, and certain forms of
transport are examples of this kind of public
enterprise.
 Public enterprise, a business organization
wholly or partly owned by the state and
controlled through a public authority. Some
public enterprises are placed under public
ownership because, for social reasons, it is
4
thought the service or product should be
provided by a state monopoly. Utilities (gas,
electricity, etc.), broadcasting,
telecommunications, and certain forms of
transport are examples of this kind of public
enterprise.
 Although the provision of these services by public
enterprises is a common practice in Europe and
elsewhere, in the United States private companies are
generally allowed to provide such services subject to strict
legal regulations. In some countries industries such as
railways, coal mining, steel, banking, and insurance have
5 been nationalized for ideological reasons, while another
group, such as armaments and aircraft manufacture, have
been brought into the public sector for strategic reasons.
In communist countries most forms of production,
commerce, and finance belong to the state; in many newly
independent and less-developed countries, there is a very
large public-enterprise sector.
 Public enterprises are by definition intended to be
operated in the public interest. This gives rise to a
number of organizational and commercial issues.
One problem is how to reconcile the need for
close political control with the need for sufficient
6
management autonomy. The public corporation
form, used extensively in Great Britain and widely
copied in other parts of the world, is created by a
special act of Parliament that defines its powers,
management structure, and relationship with
government bodies.
 As a corporation it has legal entity. Its capital
requirements are met by the treasury, but it is
supposed to meet its current expenses from its
normal commercial operations. Its employees are
not civil servants, and the top management is often
7 appointed by the minister in charge. Another
administrative form that is popular in parts of the
world is the state company, which is simply an
ordinary joint-stock company whose shares are
owned wholly or partly by the state.
 Public enterprises are usually intended to pay their
way in the longer term, and yet they may be subject to
political constraints in their pricing policy that could be
in conflict with that objective. Conversely, for social
reasons they may receive hidden subsidies or enjoy
additional protection not available to competitors.
8
Such factors tend to distort the normal commercial
operations of the corporation or the company and
often lead to managerial disorientation. Partly because
of these noncommercial considerations, public
enterprises may appear to be highly inefficient and, in
times of difficult trading conditions, may be a drain on
public resources.
 However, the measurement of the efficiency of a
public enterprise is no easy matter. When it produces
a marketable product, such as coal or steel, that
competes with other products, the normal commercial
criterion of profit may be adopted to assess its
9 performance. In the case of a utility enjoying
monopoly power, economists have developed
concepts like cost-benefit analysis as a performance
measurement tool. In recent years many state
enterprises in the developed world have been given
financial targets that take into account both social and
commercial responsibilities.
WHAT ARE PUBLIC
ENTERPRISES? -
ORIGIN AND
IMPORTANCE
 The public enterprises came into
existence as a result of the expanding
scope of public administration. The
advent of the concept of welfare state
after the Second World War and the
11
increasing developmental initiative
undertaken by Government across the
world, the system of public enterprises
was developed.
 The government sells goods and services
to the common people through the
means of a state owned enterprise
system which incorporates the
characteristics of both public and private
12
enterprises. For e.g. the metro train
facility for commuting in big cities,
developed, managed and run by the
government.
 The state owned
enterprises play an
important political,
13
economic and
developmental role in their
respective countries.
 The growth of public enterprises also has
its roots in the colonial pasts of the
countries of Asia and Africa. The
Government sector, the public
administration and ultimately the public
14 enterprises in these countries have been
greatly influenced by the colonial powers
that ruled them. India is a good example
of this trend where even today the
Railways are the biggest example of a
successful public enterprise.
 Even the countries with no colonial
history like Iran and Turkey, the
public enterprise was used a tool to
bring about economic, political and
15 social changes, particularly in Turkey
after the demise of the Ottoman
Empire and formation of the modern
Turkey.
 The history of public enterprises in the
USA dates back in the nineteenth
century and was characterized by the
state chartered banks in which the
Federal Government has significant
16
portion of the stocks. The formation of
the Panama Rail Road Company in 1904
was another victory of the public
enterprise system.
 The growth of public administration and enterprises
reached its peak under Franklin D Roosevelt and the
Tennessee Valley Authority became the most
emulated model of public corporation.
There are several factors that have contributed the
17
growth of public enterprises in the recent times. The
governments have used it to guide and command
the economy; they own the strategic industries,
functions and agriculture and also try to fill the
inadequacies of the private sector.
 Public enterprises are also essential in bringing about
national development. They are also used as political
instrument to maintain political stability, prevent
unrest and provide employment.
Public enterprises have also helped the earlier
18
colonized and now developing economies of the
world to decrease their dependency on other nations
and become self sufficient. Monopoly, freedom to
chose profitable projects; no taxes etc are other
factors that have led to their growth.
 Public enterprises are
autonomous or semi-
autonomous corporations and
19
companies established, owned
and controlled by the state and
engaged in industrial and
commercial activities.”
 Public enterprises as a form of business
organisation have gained importance only in
recent times. During twentieth century
various governments started participating in
industrial and commercial activities. Earlier,
20
the role of government was limited only to
the maintenance of law and order. The
policy of laissez faire was practiced in most
of the countries.
 The development of industries was left
to the judgement of private
entrepreneurs. During twentieth
century, outbreak of two world wars,
21 depression in many countries and social
evils of Industrial Revolution of earlier
times compelled state governments to
participate in planning and developing
industrial structure of their countries.
 Industrial Revolution helped all-round
growth of industries. Private entrepreneurs
started working only for profit motive. The
exploitation of consumers and workers by
private entrepreneurs became the order of
22
the day. Russian Revolution gave a lead to
new economic and political system in the
world. State Governments started realising
their social responsibility towards people.
 The outcomes of all these factors were the active
participation of governments in industrial and
commercial enterprises. At present, governments of
almost all countries in the world are participating in
economic activities in one or the other way.

23
Private sector is hesitant to develop those industries
where heavy investment is required and gestation
period is long. State enterprise is considered
necessary to reduce economic inequality and to
prevent concentration of wealth in a few hands.
DEFINITION
 • State enterprise is an undertaking owned and
controlled by the local or state or central
government. Either whole or most of the
investment is done by the government. The basic
aim of a state enterprise is to provide goods and
25
services to the public at a reasonable rate though
profit earning is not excluded but their primary
objective is social service. A.H. Hansen says,
“Public Enterprise means state ownership and
operation of industrial, agricultural, financial and
commercial undertakings.”
 • S.S. Khera defines state enterprises as
“the industrial, commercial and
economic activities, carried on by the
central or by a state government, and in
26 each case either soley or in association
with private enterprise, so long it is
managed by self-contained
management.”
 “Public enterprises are
autonomous or semi-autonomous
corporations and companies
27
established, owned and controlled
by the state and engaged in
industrial and commercial
activities.” -N.N. Mallya
CHARACTERISTICS OF
PUBLIC ENTERPRISES:
 • (i) Financed by Government:
• Public enterprises are financed by the
government. They are either owned by
the government or majority shares are
29
held by the government. In some
undertakings private investments are
also allowed but the dominant role is
played by the government only.
 • (ii) Government Management:
• Public enterprises are managed by the
government. In some cases government has
started enterprises under its own
30 departments. In other cases, government
nominates persons to manage the
undertakings. Even autonomous bodies are
directly and indirectly controlled by the
government departments.
 • (iii) Financial Independence:
• Though investments in government
undertakings are done by the government,
they become financially independent. They are
31 not dependent on the government for their
day- to-day needs. These enterprises arrange
and manage their own finances. An element of
profitability is also considered while pricing
their products. It has helped the enterprises to
finance their growth themselves.
 • (iv) Public Services:
• The primary aim of state enterprises is
to provide service to the society. These
enterprises are started with a service
32
motive. A private entrepreneur will start
a concern only if possibilities of earning
profits exist but this is not the purpose
of public enterprises.
 • (v) Useful for Various Sectors:
• State enterprises do not serve a
particular section of the society
33
but they are useful for everybody.
They serve all sectors of the
economy.
 • (vi) Direct Channels for Using
Foreign Money:
• Most of the government to
34 government aid is utilised through
public enterprises. Financial and
technical assistance received from
industrially advanced countries is
used in public enterprises.
 • (vii) Helpful in Implementing
Government Plans:
• Economic policies and plans
35

of the government are

implemented through public
enterprises
 • (viii) Autonomous or Semi-autonomous
Bodies:
• These enterprises are autonomous or
semi-autonomous bodies. In some cases
36
they work under the control of
government departments and in other
cases they are established under
statutes and under Companies Act.
TYPES
 Public Enterprises are mainly of
three types

38

Departmental Organizations
Public Corporations
Government Companies
 Departmental Organization is a classic and widely
used form of government activity in several
ORGANIZATIONS
DEPARTMENTAL
countries. The government fully organises, manages,
and funds these groups.

39
A public enterprise works as a full-fledged ministry
or a major sub-division of a government department
under this structure.
All of the undertaking’s activities and operations are
overseen by a minister who reports directly to the
parliament/national government.
 • Characteristics of Departmental
ORGANIZATIONS Organisation
DEPARTMENTAL

• The public authority is in charge of such initiatives’

40
administration. The venture is overseen and limited by
the division’s government employees.
• Depository funds, such as venture capital and receipts,
are also deposited in the public authority depository.
• It recognizes genuine opposition, and government
approval is required to sue the enterprises.
 • Its records are also scrutinized in the same way
ORGANIZATIONS
DEPARTMENTAL
as those of any other government agency.
• Enlistments in these divisions are based on the
same norms and methods as those in public
41
authority offices.
• The employees who operate in this type of huge
corporation are subject to the same
administrative rules that apply to other
government divisions.
 • Different Types of departments:

ORGANIZATIONS
DEPARTMENTAL
• General management
• This department is in charge of creating and
42 implementing general company strategies. It is in
charge of the entire operation. General
management is responsible for creating general
business strategies, planning, monitoring plan
implementation, decision-making, and workforce
guidance, as well as punctuality and disciplinary
concerns.
 • Department of Marketing
ORGANIZATIONS
DEPARTMENTAL
• This department’s employees are in
charge of understanding client demands
43
and developing tourism products to meet
those needs. Marketing managers are
primarily responsible for the following
tasks:
 • Understanding the environment, staying on top of
economic developments, recognising client wants
ORGANIZATIONS
DEPARTMENTAL
and knowing the strengths and weaknesses of peer
rivals are all part of market research.

44
• Understanding Market Divisions entails breaking
down the overall tourism market into smaller
segments. It also entails focusing on specific
markets and developing distinct, enticing tourism
offerings for diverse market categories.
• Department of Operations
• The Operations Department creates a package and sells it
to the consumer by combining two or more tourism
components (among attractions, transportation,
intermediaries, location, accommodation, and activities).
• It plans and executes a tour within or outside of the
country, ensuring that it is a success.
• To find the optimum trip arrangements, it emphasises client
requests and supplier options.
• It creates the tour itinerary and informs consumers about
the tour’s schedule as well as specifics like how to get to
the destination and what to see and do there.
• It makes contact with the appropriate agencies to make
arrangements for lodging and to book travel tickets.
• Department of Finance
• The Finance Department is in charge of obtaining and disbursing
funds for the tourism industry’s operations. Finance professionals
evaluate both short- and long-term capital requirements.
• Maintenance of office buildings, vehicles, office infrastructure,
and company equipment are long-term capital requirements in
tourism.
• The payment of workers and staff, the provision of
communication facilities, the payment of power, and other
resources are all short-term capital requirements.
• A huge proportion of tourism enterprises must make an initial
investment in the hotel, lodge, and airline reservations.
• The only goal of tourist business owners investing their money is
to achieve a good return on their investment.
• As a result, the finance department’s leader is responsible for
attaining the organization’s goals through prudent financial
management.
• Department of Sales
• This section is entirely responsible for
selling tourists the appropriate tourism
items. In the tourism industry, the
salesperson is the first point of contact
between the company and the customer.

• To persuade customers, the employees

must have a thorough understanding of
the product and excellent communication
abilities. In addition, the salesperson
advertises the destination.
• New customers are identified and nurtured
by the sales team.
• After examining the customer’s demands,
the sales staff makes recommendations
for the best products.
• They successfully market a tourism
product by addressing the customer,
providing key characteristics, answering
customer questions, and closing the sale.
• The sales team maintains a cordial
relationship with the clients.
• Department of Human Resources
• This department is in charge of hiring
talented and experienced personnel to fill
openings in various departments.

• It is also in charge of organising new

employee orientation programmes and
training, as well as recognising and
motivating employees to meet
organisational goals.
 ADVANTAGES
OF
DEPARTMENT
ORGANIZATION
• Departmental undertakings are an
important weapon for the government
to use in advancing economic and
social justice in the country. The
government employs these businesses
as a tool to effect social change. For
example, a government can help
people in far-flung rural areas flourish
socially, economically, and
intellectually by establishing a post
office, broadcasting, and telecasting
programmes
 • These businesses operate
under direct government
supervision and are affiliated
DIRECT
GOVER
to one of the government’s
NMENT ministries. At the top, a
CONTR
OL minister is selected who is
responsible to parliament or
the state legislature for the
smooth operation of these
 • Another major benefit of
departmental undertakings is the
ability to keep crucial policy
MAINTA
INING
concerns secret. The government
SECRE has complete authority over such
CY
institutions and can easily conceal
sensitive information such as
defence in the interest of the public
good.
 • Departmental undertakings,
like all other government
AVOID
entities, are subject to strict
MISUSI budgeting, accounting, and
NG
GOVER
auditing. They are closely
NMENT monitored, and all personnel
FUNDS
who work on these projects are
held accountable, ensuring
that public funds are not
 • Because all income from
these departments goes
THE TAX
BURDEN directly into the government’s
ON THE
GENERA purse, the tax burden on the
L
PUBLIC general people is reduced.
IS
REDUCE
Every activity is supported by
D the government, and all
earnings are returned to the
government.
DISADVANTAGES
OF DEPARTMENT
ORGANIZATION
 • Because of heavy red tape and
bureaucracy, departmental
organisations lack autonomy and
initiative.
BUREAU
CRACY’S • Every decision must be approved by
INFLUEN the government, which slows down
CE
the entire process.
• As a result, unlike other types of
businesses, the departmental
undertaking lacks the flexibility to
 • It operates under a great
deal of parliamentary
EXCESSI
control, which makes day-to-
VE
PARLIAM
day operations challenging.
ENTARY Parliament creates all major
CONTRO
L policies and rules, which are
then implemented by a
minister who serves as the
head of these organisations.
 • Departmental undertakings
are financially reliant on
government budget
FINAN
CIAL appropriations. They are
RELIA unable to make long-term
NCE
investment decisions that
may generate cash for
these organisations on their
• Officers working in
departmental undertakings
have a careless attitude
toward their jobs because
they are frequently
transferred. The informal
work attitude of employees
causes a lot of operational
inefficiency in these firms.
 • Civil officials employed in
departmental activities lack
relevant professional
management skill sets, resulting
LACK OF
PROFESSI in a high level of non-
ONALISM
professionalism. Because they
are afraid of being chastised by
parliament or ministers, these
executives cannot afford to be
inventive.
 •Departmental
Organization is a classic
and widely used form of
IN
SUMM government activity in
ARY several countries. The
government fully
organises, manages, and
funds these groups.
• The public authority is in charge
of such initiatives’
administration. The venture is
overseen and limited by the
division’s government
employees.
• A public enterprise works as a
full-fledged ministry or a major
sub-division of a government
department under this structure.
 • A public corporation, also known
as a government-owned
corporation, is a unique entity that
plays a significant role in various
PUBLIC
CORPOR economies worldwide. This article
ATIONS aims to explore the key aspects of
public corporations, including their
structure, governance, and impact
on both the public and private
sectors.
 • A public corporation is a business
entity owned and operated by a
government. Unlike private
DEFINITI corporations, public corporations
ON AND are funded by taxpayers and have
PURPOS
E a mandate to provide essential
services or promote specific public
interests. The primary goal is to
balance public service objectives
with financial sustainability.
 • Public corporations often have a
structure similar to private corporations,
with a board of directors, executives,
and employees. However, key
STRUC distinctions arise in the ownership and
TURE
oversight. Governments typically
appoint the board of directors or have a
significant influence in their selection.
This ensures alignment with public
policy goals and objectives.
 • Governance in public corporations is
characterized by a blend of public and
corporate governance principles.
Transparency, accountability, and
GOVER responsiveness to public needs are
NANCE essential elements. The board of directors,
appointed by the government, is
responsible for strategic decision-making,
overseeing management, and ensuring the
corporation fulfills its public service
 • Public corporations are financed through
various means, including government
appropriations, user fees, and
FUNDI sometimes borrowing. The balance
NG between financial self-sufficiency and
public subsidies is a delicate one,
requiring careful management to avoid
financial strain on the government and
ensure affordability for the public.
 • Public corporations operate in diverse
sectors, ranging from transportation and
energy to healthcare and utilities. Examples
include national postal services, public
EXAM transportation authorities, and public
PLES healthcare systems. Each serves a unique
role in meeting the needs of citizens while
contributing to the overall welfare of society.
 Public corporations face challenges such as
political interference, budget constraints, and
the need to balance social objectives with
CHALLENGE financial viability.
S AND
CONTROVER
SIES Controversies may arise over issues like service
quality, pricing, and the appropriate level of
government involvement. Striking the right
balance is crucial to ensuring the corporation's
success and public satisfaction.
 Public corporations can influence the
private sector by creating competition,
setting industry standards, and driving
IMPACT ON
THE PRIVATE
innovation.
SECTOR
However, their impact can also lead to
challenges, such as concerns about fair
competition and potential crowding out of
private enterprises
 Public corporations play a vital role in delivering
essential services, promoting public welfare, and
contributing to economic development.
Striking the right balance between public service
IN objectives and financial sustainability is crucial for
SUMMARY
their success.
Understanding the structure, governance, and impact
of public corporations is essential for fostering
effective collaboration between the public and
private sectors in achieving broader societal goals.
 Government Company is a company or an
organization in which at least 51% of the
paid up share capital is held by the central
GOVERNM
government or the state government or
ENT partly by both central and state government.
COMPANIE
S These are many government companies, few
of them are, Steel Authority of India Limited,
Bharat Heavy Electricals Limited, Coal India
Limited, State Trading Corporation of India,
etc.
  To achieve more equity in the
distribution of wealth and income
TWO
MAIN amongst the citizens of the country.
OBJECTIVE
S

 To gain the momentum in the

growth of the nation.
  It is a separate legal entity.
 It is incorporated under
Companies Act 1956 & 2013/ in Philippine
FEATURES
OF A Context [GOCC Governance Act (RA 10149)]
GOVERNM
ENT  The management is governed and regulated by
COMPANY the provisions of Companies Act.
 The Memorandum of Association and Articles
of Association govern the appointment of
employees.
  • A government company gets its funding from government
shareholding and other private shareholdings. The company
can also raise money from the capital market.
 • A government company is audited by the agency
FEATURES appointed by the central government
OF A  • To incorporate a government company, all the provisions
GOVERNM
ENT of the Companies Act are to be followed.
COMPANY  • The government organization enjoys all autonomy in
management decisions and flexibility in day to day activities.
 • These companies control the local market and sustain it to
curb the unhealthy business practices.
  • To incorporate a government company, all
the provisions of the Companies Act are to be
followed.
MERITS OF  • The government organization enjoys all
A
GOVERNM autonomy in management decisions and
ENT flexibility in day to day activities.
COMPANY
 • These companies control the local market
and sustain it to curb the unhealthy business
practices.
  • These companies face a lot of government
interference and involvement of government officials,
ministers, and politicians.
 • As these companies are financed by the government,
LIMITATIO
NS OF so these companies evade all constitutional
GOVERNM responsibilities of not answering to the parliament.
ENT
COMPANY  • The efficient operations of the company are
hampered, as the board of the company comprises
mainly of politicians and civil servants, who have more
emphasis and interest in pleasing their political party co-
workers or owners and less concentrated on growth and
development of the company.
 END OF
DISCUSSION
FOR NOW
  • Where in some situations the private sector
companies are needed along with public sector
companies for generating strategic growth for the
society. The suitability of Government Company
SUSTAINABI
LITY OF A becomes more required in giving all powers
GOVERNME which a private sector company is deprived of.
NT
COMPANY
 • Whenever the private sector companies lack
the financial arrangement and the objectives are
not fulfilled. In this case, the private sector joins
hands with Government Companies to create
synergic effects for growth and expansion.
  The sectors where a large amount of
capital is required, which in general
terms private sector companies don’t
ECONOM
IES OF accommodate are dealt in by the
SCALE public sector companies. Industries
like, electric power plants, natural gas,
petroleum etc are under the control of
public sector companies.
  For the overall development of the nation,
various areas which economically
backwards be never touched by
REGION companies. Mainly the development was
AL done near port areas and interior parts of
BALANC
E the country were never accessed. To have
a balanced growth of the whole nation,
public sector companies take the charge
and do the development in
underprivileged areas.
  All the heavy industries were very less in number and
low capacity at the time of independence. These
industries were like, engineering, iron, and steel, oil
and gas refineries, heavy goods machinery, etc.
DEVELOPM
NT OF THE  Private Sector was never willing to participate in the
INFRASTRUC development of heavy industries because the
TURE
gestation period was too long in these industries and
the amount of capital to be invested is huge in
number. So the government had to rely on public
sector companies to develop these sectors which were
an integral part of the development of the nation.
  Public sector companies have a very
CONTROL
important role to control the
ON
MONOPOLY
monopoly created by private sector
AND
RESTRICTIVE companies.
TRADE
PRACTICES  Public sector companies keep a check
on guidelines of Monopolistic and
Restrictive Trade Practices.
  Public enterprises are also engaged in
IMPORT
SUSTITUT manufacturing and production of
ION
capital equipment which was earlier
imported from other countries..
 ROLE AND
IMPORTANCE
  First, public enterprises are seen as
entities that forge nationalism by
SEVERAL
assuring control of the economy by
REASONS
FOR THEIR Filipinos.
ESTABLISH
MENTS
 Second, the urgent need for
development requires the immediate
establishment of government
• VICTORIA A. BAUTISTA corporations to demonstrate economic
  Third, because of “barriers to entry”, it is only the
government that could exploit certain
SEVERAL opportunities.
REASON
S FOR
THEIR
ESTABLIS  Fourth, the direct role of government in business
HMENTS
is needed for “public trust and interest” reasons.

 Lastly, government corporations are believed to
  Most developing countries have five
years development plans for economic
PLANNE
development. Public enterprises are
D
DEVELO
given specific roles and targets in such
PMENT plans. Public sector programs are also
implemented by public enterprises.
They are important for planned
development of the country.
  Infrastructure consists of transport,
communication, power, irrigation, drinking
water and buildings. They require huge
INFRAST investment and long period is required to
RUCTURE
DEVELOP complete them. Private sector is not
MENT
interested in such investment. Public
enterprises are important to build
infrastructure in the country.
  Iron and steel, electricity, cement, fertilizer,
petroleum and telecommunication are
BASIC
examples of basic and heavy industries.
AND They are essential for industrialization of
HEAVY
INDUST the country. Private sector lacks resources
RIES
DEVELO
and interest to invest in such industries.
PMENT Public enterprises are important for the
establishment of basic and heavy
industries. Defense production is generally
done by public enterprises
  Public utilities consists of services. They
can be water supply, electricity, oil and
PUBLI gas, railways, airlines, public transport
C
UTILI and telecommunications. They are
TIES essential for public welfare. Government
CONC has responsibility to provide such
ERNS
services at reasonable price. Public
enterprises are important to provide
public utility services at low cost.
  Government requires balanced
development in all regions of the
BALAN country. Private sector is not
CED
DEVEL attracted to less developed regions
OPME
NT because of low economic gain.
Public enterprises are important for
industrial development of
backward regions.
  Government has responsibility to create
employment opportunities in the country.
Private sector is not interested to create
EMPLO
YMENT employment at the cost of profit. Public
CREATI enterprises are important to generate
ON
employment opportunities in the country.
Their size is big and employee need is also
big. They safeguard interests of
employees.
  Public enterprises are important source of
government revenue. They pay various
GOVER types of taxes, such as customs duties,
NMEN
T value added tax, excise duty, income tax
REVEN and others. Such taxes are important in
UE
government revenue. Profit generated by
public enterprises can be used to fund
development programs.
 Public enterprises are the
drivers of economic growth in
the country. They develop
ECON
OMIC infrastructure facilities and
GROW operate public utilities. They
TH use modern technology for
production purposes. All
these aspects help in
acceleration of economic
 Public enterprises provide
essential goods and services
at reasonable price. They also
SOCIA
L supply essential commodities
WELFA such as fertilizer and food
RE grains at subsidized price.
They check price rise of
essential goods by regular
supply. This promotes social
 TO BE
CONTINUED