Statement: Government owns the assets.
Explanation:
The true statement in respect of the Public Sector is that the government owns the assets. Here is a detailed explanation:
Definition of Public Sector:
The Public Sector refers to the part of the economy that is owned and controlled by the government. It includes organizations and enterprises that are owned and operated by the government at various levels, such as central, state, and local government bodies.
Ownership of Assets:
In the Public Sector, the assets are owned by the government. This means that the government has legal ownership and control over the resources and properties that are utilized by public sector organizations. The assets can include land, buildings, infrastructure, equipment, and other tangible and intangible resources.
Role of Government:
The government's ownership of assets in the Public Sector is an essential aspect of its role in providing public goods and services. The government uses these assets to establish and operate various public sector organizations, such as schools, hospitals, transportation systems, utilities, and other essential services.
Benefits of Government Ownership:
There are several benefits of government ownership in the Public Sector. These include:
1. Accountability: As the government owns the assets, it is accountable to the public for their management and utilization. This ensures transparency and public scrutiny.
2. Social Welfare: Government ownership allows the resources to be utilized for the benefit of society as a whole. The government can prioritize the provision of essential services and address societal needs.
3. Regulation and Control: Government ownership enables the government to regulate and control the operations of public sector organizations. This ensures compliance with laws, regulations, and standards.
4. Long-term Planning: With ownership of assets, the government can engage in long-term planning and investment for the benefit of the country. This includes infrastructure development and strategic initiatives.
In conclusion, the true statement in respect of the Public Sector is that the government owns the assets. This ownership allows the government to fulfill its role in providing public goods and services, ensuring accountability, and promoting social welfare.

The correct answer is option 'B' - Government owns the assets.
Explanation:
Government Ownership:
- In the Public Sector, the assets are owned and operated by the government.
- These assets can include infrastructure, natural resources, public utilities, and other essential services.
- The government is responsible for managing these assets for the benefit of the public.
Public Ownership:
- The assets in the Public Sector are owned collectively by the citizens of the country.
- This ensures that essential services are provided to all citizens, regardless of their ability to pay.
- Public ownership helps prevent the concentration of wealth and power in the hands of a few individuals or companies.
Role of Government:
- The government plays a crucial role in the Public Sector by providing funding, setting regulations, and ensuring that services are accessible to all.
- Government ownership of assets helps promote the welfare of society as a whole, rather than just the interests of private individuals or corporations.
Conclusion:
- In conclusion, it is true that the government owns the assets in the Public Sector. This ownership ensures that essential services are provided to all citizens and helps promote the overall welfare of society.