Business Studies · Ch 3 — Private, Public and Global Enterprises

Key Terms

Public sector — organisations owned and managed by the central or state government.
Public enterprises — government-owned undertakings run with public funds and accountable to the public through Parliament.
Public Sector Undertakings (PSUs) — the individual enterprises that make up the public sector.
Public accountability — the duty of a public enterprise to answer to the public, ultimately through Parliament.
Departmental undertaking — the oldest form of public enterprise, run as a department/extension of a ministry with no separate legal identity (e.g., Railways).
Statutory corporation — a public enterprise created by a Special Act of Parliament, a body corporate that is financially independent and can sue and be sued.
Government company — a company under the Companies Act, 2013 in which at least 51% of the paid-up capital is held by the government.
Global enterprises — huge multinational corporations that extend their operations through a network of branches across several countries.
Globalisation — the integration of a country's economy with the world economy, allowing global enterprises to operate across borders.
Privatisation — transferring ownership or management of public enterprises towards the private sector.
Disinvestment — the sale of the government's equity shares in public enterprises to the private sector and the public. …