Eco Ch sectors of Indian economy

                    Sectors of indian economy

Organised Sector: The sector which carries out all activity through a system and follows the law of the land is called organized sector. Moreover, labour rights are given due respect and wages are as per the norms of the country and those of the industry. Labour working in organized sector gets the benefit of social security net as framed by the Government. Certain benefits like provident fund, leave entitlement, medical benefits and insurance are provided to workers in the organized sector.

These security provisions are necessary to provide source of sustenance in case of disability or death of the main breadwinner of the family. Otherwise the dependents will face a bleak future.

Unorganised Sector: The sector which evades most of the laws and doesn’t follow the system comes under unorganized sector. Small shopkeepers, some small scale manufacturing units keep all their attention on profit-making and ignore their workers’ basic rights. Workers don’t get adequate salary and other benefits like leave, health benefits and insurance are beyond the imagination of people working in unorganized sectors.

Public Sector: Companies which are run and financed by the Government comprise the public sector. After independence, India was a very poor country. India needed huge amount of money to set up manufacturing plants for basic items like iron and steel, aluminium, fertilizers and cements. Additionally, infrastructure like roads, railways, ports and airports also require huge investment. In those days, Indian entrepreneur was not cash rich so government had to start creating big public sector enterprises like SAIL (Steel Authority of India Limited), ONGC(Oil & Natural Gas Commission), etc.

Private Sector: Companies which are run and financed by private people comprise the private sector. Companies like Hero Honda, Tata, etc. are from private sectors.

Government Aided Schemes to Fight Unemployment

Government, from time to time, announces and implements various employment schemes to fight unemployment or hidden employment to help the weaker section of society. Schemes; like NREG (National Rural Employment Guarantee) is the latest announced by the UPA government in 2004. Now it is known as MNREGA (Mahatma Gandhi National Rural Employment Guarantee). This programme guarantees a minimum of 100 days of employment to at least one person from every rural household. This is part of government’s effort to ensure the ‘Right to Work’ to the rural poor citizen.