1) Public sectors are controlled, operated and run by the government. While on the other hand, private sectors are controlled, operated and run by an individual or a group of individuals.2) Hindustan Aeronautics Limited is an example of public sector. TISCO is an example of private sector.

Public Sector:
The public sector refers to the part of the economy that is owned and operated by the government. It includes government organizations, agencies, and institutions that provide various essential services to the public. These services can range from healthcare and education to transportation and defense. The main objective of the public sector is to serve the public interest and ensure the well-being of society as a whole.

Key Characteristics of the Public Sector:
- Owned and controlled by the government: Public sector organizations are owned and operated by the government at various levels, such as local, state, or national.
- Public service provision: The primary purpose of the public sector is to provide essential services to the public, which may be subsidized or provided free of charge.
- Non-profit orientation: Unlike the private sector, the public sector does not aim to generate profits. Instead, it focuses on meeting the needs and demands of the citizens.
- Government funding: Public sector organizations are funded through taxes, grants, and subsidies provided by the government.

Private Sector:
The private sector encompasses all businesses and enterprises that are owned and controlled by individuals or groups of individuals rather than the government. It operates for profit and aims to meet the demands of consumers by providing goods and services. The private sector plays a crucial role in driving economic growth, creating job opportunities, and fostering innovation.

Key Characteristics of the Private Sector:
- Ownership and control by individuals or groups: Private sector enterprises are owned and operated by individuals, families, shareholders, or corporations.
- Profit-driven: The primary objective of the private sector is to generate profits for the owners and shareholders.
- Competitive market: Private sector businesses operate in a competitive market, where they strive to attract customers and gain a competitive edge over their rivals.
- Self-financing: Unlike the public sector, private sector organizations rely on their own resources and investments to finance their operations.

Differences between Public and Private Sector:
1. Ownership and Control: The public sector is owned and controlled by the government, while the private sector is owned by individuals or groups.
2. Profit Orientation: The public sector operates on a non-profit basis, whereas the private sector is profit-driven.
3. Source of Funding: Public sector organizations are funded by the government, while private sector organizations rely on their own resources and investments.
4. Service Provision: The public sector provides essential services to the public, often at subsidized or free rates, while the private sector offers goods and services for a profit.
5. Decision-making Process: Public sector decision-making involves government policies and regulations, while private sector decision-making is driven by market forces and the pursuit of profit.

In conclusion, the public sector is government-owned and provides services for the public good, while the private sector is privately owned and operates for profit. Both sectors play vital roles in the economy and society, with their own distinct characteristics and objectives.