class x economics sectors of indian economy -contd.......

Classify sectors of economy based on the employment activities.

organized sector.

The unorganised

1. Organised sector covers those enterprises or places of work where the terms of employment are regular and therefore, people have assured work. 2. They are registered by the government and have to follow its rules and regulations which are given in various laws such as the Factories Act, Minimum Wages Act, Payment of Gratuity Act, Shops and Establishments Act etc 3. It has some formal processes and procedures. 4.  Some of these people may not be employed by anyone but may work on their own but they too have to register themselves with the government and follow the rules and regulations. 5. Workers in the organised sector enjoy security of employment. 6. They are expected to work only a fixed number of hours. If they work more,they have to be paid overtime by the employer. 7. They also get several other benefits from the employers 8. They get paid leave, payment during holidays, provident fund, gratuity etc. They are supposed to get medical benefits and, under the laws, the factory manager has to ensure facilities like drinking water and a safe working environment. When they retire, these workers get pensions as well.

1. Unorganised sector is characterised by small and scattered units which are largely outside the control of the government. 2. There are rules and regulations but these are not followed. 3. Jobs here are low-paid and often not regular. 4.There is no provision for overtime, paid leave, holidays, leave due to sickness etc. 5. Employment is not secure. People can be asked to leave without any reason. When there is less work, such as during some seasons, some people may be asked to leave. A lot also depends on the whims of the employer. 6. This sector includes a large number of people who are employed on their own doing small jobs such as selling on the street or doing repair work. Similarly, farmers work on their own and hire labourers as and when they require.

Classifying economic activities into sectors  on the basis of  ownership

PUBLIC SECTOR	PRIVATE SECTOR
1. In the public sector, the government owns most of the assets and provides all the services 2. Railways or post office is an example 3.The purpose of the public sector is not just to earn profits. 4.Governmentundertake such heavy spending to ensure that various  facilities are available for everyone.	1. In the private sector, ownership of assets and delivery of services is in the hands of private individuals or companies. 2. Tata Iron and Steel Company Limited (TISCO) or Reliance Industries Limited (RIL) are privately owned 3. Activities in the private sector are guided by the motive to earn profits.