Oil India Limited (OIL) belongs to which of the following types of industries?a)Joint sectorb)Private sectorc)Public sectord)Cooperative sectorCorrect answer is option 'C'. Can you explain this answer?

Question

Answer

Joint sector are owned jointly by the government and private individuals who have contributed to the capital. In joint sector, both public sector and private sector join hands to establish new enterprise.

Example - Oil India Limited, Gujarat Alkalies

Answer

It is jointly owned by both public and private sector. So it is a joint sector industry.
Also it is mentioned in NCERT too.

Answer

Oil India limited is jointly owned by public and private sector,hence it is a joint sector industry.

Answer

C its a public sector industries.

Answer

It is public sector company because after the company's name 'public' is written, so it is a govt. company

Answer

Oil India Limited (OIL) belongs to the Public sector.

Public Sector:
The public sector refers to the part of the economy that is controlled and managed by the government. It includes various government-owned enterprises and organizations that provide essential goods and services to the public. These entities are primarily funded and operated by the government, with the aim of fulfilling public needs and promoting the welfare of society.

Oil India Limited (OIL):
Oil India Limited (OIL) is a public sector undertaking (PSU) that operates in the oil and gas industry. It was incorporated in 1959 and is engaged in the exploration, production, and transportation of crude oil and natural gas. OIL is one of the largest oil exploration and production companies in India and is listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

Reasons why Oil India Limited (OIL) belongs to the Public sector:

1. Government ownership: OIL is wholly owned by the Government of India. The government holds a 66.13% stake in the company, making it a public sector enterprise.

2. Strategic importance: The oil and gas sector is of strategic importance to the country's energy security and economic development. The government plays a crucial role in ensuring the availability and affordability of these resources, hence the ownership and control of OIL by the public sector.

3. Public welfare: As a public sector company, OIL's primary objective is to serve the public interest. It focuses on meeting the energy needs of the country and contributes to the economic growth and development of the nation.

4. Government control: Being a public sector enterprise, OIL is subject to government regulations and policies. The government exercises control over the company through its representatives on the Board of Directors and by setting guidelines for its operations.

5. Employment and social responsibility: OIL provides significant employment opportunities and contributes to the social and economic development of the regions where it operates. It undertakes various corporate social responsibility (CSR) initiatives, including education, healthcare, and infrastructure development, to benefit the local communities.

In conclusion, Oil India Limited (OIL) belongs to the Public sector as it is wholly owned and controlled by the Government of India and operates in the oil and gas industry, which is strategically important for the country's energy security and economic development.

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