BUSINESS ENVIRONMENT
UNIT-1
CONTENT
- Concept
- Significance
- Components of Business environment
- Factor affecting Business Environment
- Social Responsibilities of Business
WHAT IS BUSINESS
Business is an economic activity which is related with continuous production of good and services for
satisfying human wants.
1.
Exchange of goods/services
2.
Deals in numerous transactions.
3.
Profit is main objective.
4.
Risk and uncertainties.
5.
Buyer and seller.
6.
Marketing and distribution of goods/services.
7.
To satisfy human wants.
8.
Social obligation
Business does not function in isolation or in vacuum. It is affected by internal and external factors. These
internal and external factors collectively constitute business environment. Internal environmental factors
are within the control of business, whereas external factors are beyond the control of business.
‘Environment’ refers to the system in which human beings live and they have to adjust themselves
according to it. So it is surroundings, external agents, influences or circumstances under which something
exists.
*Business Environment can be defined as the aggregate of all those forces, factors and institutions
which directly affect the working of a business organization.
Some of these constituents may be static, while others may be changing.
“Business Environment is the aggregate of all conditions, events and influences that surround and affect the
business.”
Keith Davis
“Business Environment encompasses the climate or set of conditions-economic, social, political or
institutional in which business operations are conducted.”
Prof. Weimer
“The term Business Environment of a company is defined as the pattern of all external influences that
affect its life and development.”
Andrews
“The total of all things external to firms and industries that affect the function of the organisation is called
business environment.”
Wheeler
*CHARACTERISTICS/NATURE OF BUSINESS ENVIRONMENT
Business Environment is very complicated, dynamic and multi-dimensional and affects different business
institutions in different ways. It exhibits many characteristics like:
1. Complex
Environment comprises of many factors. All these factors are related to each other. Therefore, their
individual effect on the business cannot be recognised. This is perhaps the reason which makes it difficult
for the business to face them.
2. Dynamic
As is clear that environment is a mixture of many factors and changes in some or the other factors continue
to take place. Therefore, it is said that business environment is dynamic.
3. Uncertain
Nothing can be said with any amount of certainty about the factors of the business environment because
they continue to change quickly. The professional people who determine the business strategy take into
consideration the likely changes beforehand.
4. *Multi-dimensional
Business environment is related to the local conditions and this is the reason as to why the business
environment happens to be different in different countries and different even in the same country at
different places.
6. Interdependent components
The different factors of business environment are co-related. For example, change in the import-export
policy with the coming of a new government.
In this case, the coming of new government to power and change in the import-export policy are political
and economic changes respectively. Thus, a change in one factor affects the other factor.
*IMPORTANCE/SIGNIFICANCE OF BUSINESS ENVIRONMENT:
Business and its environment are closely inter-related and mutually interdependent. Environment has its
bearing on business and business has its bearing on environment. The success of business lies in
understanding the environmental changes and adapting its business policies accordingly.
The surroundings of business enterprise which are constantly changing, carry with them both opportunities
and risks or uncertainties which can make or mar the future of business. Significance of the study of
environment in business sector may be explained as follows:
1. Early identification of opportunities helps a business organization to be the first to exploit them.
2. A business organization should make its policies keeping in view the demands of environment.
3. The study of business environment is important to ensure optimum utilization of resources like, financial
resources, human resource and physical resource etc.
4. Environment analysis helps the business organizations to identify strengths and weaknesses.
5. Environment analysis helps the business organizations to identify threats and explore opportunities
available to business.
6. Environment analysis helps in adapting latest technological development which results in improved
efficiency.
7. Scanning the business environment helps to understand Political Situation and its effect on business.
8. Scanning the business environment helps to understand economic policies of Government and their
impact on business.
9. Because of globalization, the impact of international events on business is increasing. To understand
global events and their impact on business, study of international environment is must.
10. By environmental analysis, business organizations come to know about the strategies of competitors to
formulate counter plans.
11. Environment analysis helps in understanding the market conditions i.e. change in demand/supply,
change in fashion, taste, boom or depression etc.
SCANNING BUSINESS ENVIRONMENT
There is a close and continuous interaction between business and its environment. So it is essential to
understand and scan the environment to ensure effective utilization of resources. SWOT analysis is an
analysis undertaken by business firms to understand their external and internal environment. The term
SWOT consists of four words:
S
=
Strengths
W
=
Weaknesses
O
=
Opportunities
T
=
Threats
SWOT analysis is applied to formulate effective organizational strategies. Through SWOT analysis, the
business firms can match Strengths and Weaknesses existing with an organization with the Opportunities
and Threats existing in the external environment.
COMPONENTS/TYPES/CONSTITUENTS/FACTORS OF BUSINESS ENVIRONMENT
Every business faces two types of environments simultaneously i.e. Internal Environment and External
Environment.
1. INTERNAL ENVIRONMENT
All those factors within an organization which impart strengths or cause weaknesses constitute the internal
environment. These factors can be controlled by business but they are quite important in shaping the
behaviour of people working in it. Hence, managers have to take internal factors into account while taking
actions.
2. EXTERNAL ENVIRONMENT
All those factors outside the organization which provide opportunities or pose a threat to the organization
make up the external environment. These factors are those over which the business organization has no
control.
According to William Glueck and Jauck
“In environment there are external factors, which constantly bring opportunities and threats to the
business firm. In includes Economic, Social, Technological and Political conditions.”
Examples of situations that may cause change in the external environment include:
(i)
Improvement in production techniques
(ii)
Fluctuations in the levels of demand
(iii)
Fluctuations in interest rates
(iv)
Changes in laws and regulations
(v)
Changes in taxation
(vi)
New social trends, fashions or life styles
(vii)
International influences
TYPES OF EXTERNAL ENVIRONMENT
MICRO ENVIRONMENT
Micro environment consists of factors in the company’s immediate environment that affect the performance
of the company. These include the suppliers, marketing intermediaries, competitors, customers and the
public.
According to Philip Kotler
“The micro environment consists of factors in the company’s immediate environment which affect the
performance of the business unit. These include suppliers, marketing intermediaries, competitors,
customers and the public.”
According to Hill and Jones
“The micro environment of a company consists of elements that directly affect the company such as
competitors, customers and suppliers.”
MICRO ENVIRONMENT
1.
Suppliers
Suppliers are important for any business unit. Suppliers are those who supply the inputs like raw material
and components to the company. Organizations should keep two things in mind regarding suppliers:
Reliability
Multiple suppliers
2.
Customers or clients
A business exist only because of its customers. Hence, a
major task of a business is to create and sustain
customers. Monitoring the customer’s sensitivity is a pre-requisite for business success.
A company may have different types of customers
(i)
Individual and household customers
(ii)
Government bodies
(iii)
Foreign customers
(iv)
Retail customers
(v)
Wholesale customers
To succeed in capturing and sustaining customers, following points must be kept in mind:
(i)
Buyer’s behaviour data can be used in constructing a customer profile.
(ii)
Geographical factors should also be analyzed to know the opportunities and threats.
(iii)
In the era of free trade, foreign customers can be attracted by making such products which can
compete with foreign products.
(iv)
Single customer of a company is full of risks as it places the company in a poor bargaining position.
(v)
The business firm should make separate products for separate segments. Following can be the basis
of segmentation:
(a)
Income level of customers
(b)
Age of customers
(c)
Personality and life style of customers
(d)
Tastes and preferences of customers
(e)
Quantity to be purchased by customers
(f)
Education level of customers
3.
Competitors
Competitor means other business units which are making similar products or a very close substitute of our
product. Competitors play a vital role in running the business enterprise. Business has to adjust its various
activities according to the behaviour of the competitors.
4.
Market Intermediaries
Every business enterprise may be assisted by market intermediaries which include agents, brokers who help
the company find customers. It is a link between company and final consumer. Market intermediaries help
the company to promote, sell and distribute its goods to final buyers.
Examples:
Wholesalers, retailers, advertising agencies, consultancy firms, banks, insurance companies, warehouse,
transport agencies etc.
5.
Public
Public is any group that has actual or potential interest in the business. To achieve this interest, it has its
impact on the business. Public includes users and non-users of the product like Environmentalists, NGOs,
Local Community, Media.
EXTERNAL ENVIRONMENT
A company and the forces operate in a larger Macro environment that shape opportunities and pose threats
to the company. These factors are generally more uncontrollable than the micro forces.
According to Philip Kotler
“Macro environment includes forces that create opportunities and pose threat to the business unit. It
includes economic, demographic, natural, technological, political and cultural environments.”
According to Hill and Jones
“The macro environment consists of the broader economic, social, political, legal, demographic and
technological setting within which the industry and the business units are placed.”
1. ECONOMIC ENVIRONMENT
Economic environment consists of economic factors that influence the business in a country. It is very
complex and dynamic in nature that keeps on changing with the change in policies or political situations.
Key components of economic environment are:
(A) Economic Conditions of Public
(B) Economic Policies
(C ) Economic System
2.
POLITICAL-LEGAL ENVIRONMENT
Political environment affects different business units significantly. A stable and dynamic political
environment is essential for business growth. Whenever there is a change in the Government in a
democratic country, it is a sign of change in economic policies. The Political environment of business
depends on:
1. Ideology of the Government
2. Political Establishment
3. Political Stability in the country
4. Relations with other countries
5. Defense and Military Policy
6. Centre State Relationship
7. Approach of Opposition parties towards business
LEGAL ENVIRONMENT
Legal environment constitutes the laws framed by the Government and various legislations passed
in the parliament. The businessman cannot overlook the legislations because he has to perform his
business transactions with in the framework of legal environment. Every aspect for business is
regulated by law in India. Government has also framed legislations which regulate and control the
business.
Some of the main legislations regulating the business are as follows:
1.
2.
3.
4.
5.
6.
Industrial Dispute Act, 1947
Factories Act, 1948
Consumer Protection Act, 1986
Companies Act, 1956
Foreign Exchange Management Act 1999
Securities and Exchange Board of India Guidelines, 2000
3.
SOCIAL & CULTURAL ENVIRONMENT
Business is an integral part of society and both influence each other. Influence exercised by social and
cultural factors is known as socio-cultural environment. These factors include: attitude of people, family
system, caste system, religion, education, marriage, habits and preferences, languages, urbanization,
customs and traditions, ethics etc.
4.
TECHNOLOGICAL ENVIRONMENT
A systematic application of scientific knowledge is known as technology. Everyday there are vast changes
in products, services, lifestyles and living conditions, these changes must be analyzed by every business
unit and should adapt these changes.
5.
DEMOGRAPHIC ENVIRONMENT
Demographic environment refers to the study of the features of population i.e. size of population, growth
rate, gender ratio, age composition, income level, education level, family size, family structure etc. All
these factors affect size of demand, tastes, fashion, liking, preferences of consumer etc.
6.
NATURAL OR ECOLOGICAL ENVIRONMENT
It includes geographical and ecological factors such as natural resources, weather and climatic conditions,
port facilities, topographical factors such as soil, rivers, rainfall, pollution etc. Every business unit must
look for these factors before choosing the location for their business.
7.
INTERNATIONAL/ GLOBAL ENVIRONMENT
International environment is important for industries directly depending on import and export. A recession
in foreign market or protection policy by foreign nations may create difficulties for industries depending on
exports. Liberalization of import may help some industries but may adversely affect other industries.
Following factors of International environment affect business:
1. Globalization
2. Liberalization
3. International agreements and declarations
4. International terrorism
5. Cultural exchange
SOCIAL RESPONSIBILITY OF BUSINESS
Social Responsibility of Business can be defined as the obligation an organization’s management team has
towards the interests and welfare of the society or community that provides it with resources and
environment to not only survive but flourish.
In other words, Social Responsibility is the way your company gives back to and takes care of the
community it is located in and the greater society we are all a part of.
“Conceptually social responsibility may be taken up to mean intelligent and objective concern for the
welfare of the society.”
K.R. Andrews
“Social responsibility is the personal obligation of every one as he acts for his own interests to assure that
the rights and legitimate interests of all other are not impinged.”
Koontz and O’Donnel
There are four dimensions of Corporate Responsibilities:
1.
Economic:
Responsibility to earn profit for owners
2.
Legal:
Responsibility to comply with laws
3.
Ethical:
Doing what is right, just and fair
4.
Voluntary and Philanthropic:
Promoting human welfare and goodwill. Being a good
corporate citizen contributing to community and quality of life.
PHILANTHROPIC
RESPONSIBILITY
ETHICAL RESPONSIBILITY
LEGAL
RESPONSIBILITY
ECONOMIC RESPONSIBILITY
SOCIAL RESPONSIBILITY PYRAMID
RESPONSIBILITY OF BUSINESS TOWARDS VARIOUS STAKEHOLDERS
SHAREHOLDERS
EMPLOYE
ES
COMMUNITY
GOVERN-MENT
SOCIAL
RESPONSIBILI
TY OF
BUSINESS
CREDITO
RS
CUSTOME
RS
SUPPLIER
S
Responsibility towards Shareholders
IMPORTANCE OF SOCIAL RESPONSIBILITY OF BUSINESS
Social Responsibility of Business is important for organization and its stakeholders due to following
reasons:
1.
Increased productivity and quality
2.
Reducing operating cost
3.
Increased sales and customer loyalty
4.
Reduced in corruption
5.
Improved financial performance
6.
Improved transparency and reporting
7.
Reduced regulatory oversight
Responsibility towards Shareholders
1. Shareholders are source of funds for the company. They expect maximization of the value of their
investment in the company.
2. It is the duty of management to see that the financial position of the company is sound and the
company always looks for growth.
3. The management should keep the shareholders well informed about the progress and financial
position of the company.
4. The assets of the company are purchased with the funds provided by the shareholders. The
management is responsible to safeguard these assets.
Responsibility towards Workers
1. Every business should pay reasonable wages and salaries to its employees so that they may satisfy
their needs and lead a good life.
2. Good working conditions are necessary to maintain the health of the workers. Since workers spend
about 8 hours at work place, they must be provided with good working conditions.
3. Workers should be provided with adequate benefits such as housing and medical facilities,
insurance cover and retirement benefits.
4. The management should recognize the workers’ right to fair wages, to participate in decision
affecting their working life, to form trade unions etc.
5. The workers should be helped by training and other means to improve their skills.
Responsibility towards Customers
1. The management should produce goods which meet the needs of the consumers of different classes,
tastes and with different purchasing power.
2. The management should make goods of right quality available to right people at the right time and
place at reasonable price.
3. The management should provide a prompt, adequate and courteous service to customers and handle
their grievances carefully.
4. The management should ensure that advertisement and statement issued by the business are true and
fair.
5. The management should not indulge into unfair and unethical practice such as black marketing,
hoarding, adulteration etc.
Responsibility towards Suppliers
1. Giving regular orders for purchase of goods.
2. Dealing on fair terms and conditions.
3. Availing reasonable credit period.
4. Informing about the taste of consumers.
5. Timely payment of dues
6. Informing the suppliers for future development plans.
Responsibility towards Creditors
1. Provide accurate information regarding financial health of the organization.
2. Fairness in transactions
3. Promote a healthy atmosphere where creditors, suppliers and other interest groups are treated as
patterns in a co-operative endeavor.
Responsibility towards Government
1. To abide by the laws of the nation
2. To pay government taxes honestly
3. To avoid corrupting government employees
4. To encourage fair trade practices.
Responsibility towards Community
1. The management should not indulge in any practice which is not fair from social point of view.
Society expects that the business uses the factors of production effectively and efficiently.
2. The management can develop the surrounding area for the well being of workers and general
public. It should take preventive measures against water and air pollution and should contribute to
community development activities.
3. It is the responsibility of management to help increase direct and indirect employment in the area
where it is functioning.
4. The management should make best possible use of capital, raw material, machine, technical
knowledge and other resources for the well-being of the society.
New Companies Bill, 2013
Parliament has passed a new bill which is the first major overhaul of Company law in more than 50 years.
The legislation strengthens accounting standards and shareholder rights, and makes it mandatory for
companies with market capitalisation of more than Rs. 500 crore to spend 2 per cent of their annual net
profits on Corporate Social Responsibility (CSR), such as social work or charity.
Schedule 7 of the Act lists out activities, which a qualified company can take up in discharging its CSR and
includes promotion of education, promoting of gender equality and empowering women and employment
enhancing vocational skills. Section 135 and Schedule 7 specifically provide that a preference should be
given to the local area where a company operates.
UNIT-II
ECONOMIC SYSTEM
SYLLABUS
Capitalism
Socialism
Communism
Mixed Economy
Public Sector and Private Sector
ECONOMIC SYSTEM
An economic system is a system designed by a nation to utilize its resources for satisfying the needs and
wants of people.
An economic system consists of those institutions which a given nation or group of nations has chosen or
accepted as the means through which their resources are utilized for the satisfaction of human wants.
W.W. Loucks
An economy is a system by which people get a living.
A.J. Brown
An economy is a system which produces goods and provides services with the help of all natural and
physical resources for the purpose of providing living to its people. It includes all agricultural firms,
mines, workshops, factories, shops, roads, railways, ships, insurance and banking companies, schools,
hospitals etc, which help directly in producing goods and services for providing satisfaction to human
wants and living to the people.
In every economy mutual interaction among people depends to a large extent on the ownership of the
means of production. Ownership of means of production may assume many forms, i.e. ownership of
private individuals, ownership of government, ownership of both private individuals and government.
These different forms of ownership of means of production give rise to alternative forms of economic
systems.
 Household
 Firm
 Industry
 Government
are Basic Units of an Economic System.
There are three types of Economic Systems found in the world:
1.
Capitalism
2.
Socialism
3.
Mixed Economy
CAPITALISM
ECONOMIC
SYSTEM
SOCIALISM
MIXED
ECONOMY
CAPITALISM
In capitalistic economy, all means of production like firms, factories, mineral resources etc are owned,
managed and controlled by private entrepreneurs. Government does not interfere in the economic
activities. They are free to run them in the way they like. Their main motive is to earn profit. It is also
known as Free Market Economy or Free Enterprise Economy.
Origin and growth of Capitalism dates back to 18th century after the Industrial revolution in England and
other nations of Europe. US, UK, Japan are the examples of this economy.
Capitalism is a system in which property is privately owned and economic decisions are privately made.
Ferguson and Krips
FEATURES OF CAPITALISM
1. A very outstanding feature of capitalism is the economic freedom. Everybody is free to choose
any trade or business or industry or occupation as one like and one feels more profitable.
2. Individuals can hold, use or sell their property as they like or they can pass it on to their heirs
after death.
3. The consumer occupies a key position in capitalism. Consumers have complete freedom of
choice of consumption. The production decisions are based on consumer desires.
4. The government plays a part but it is limited. Its role is required only to define and protect
property rights, ensure freedom or entry and exit, enforce contractual agreements among
private entrepreneurs.
5. In capitalism competition is found among producers, seller and consumers. Producers compete
to produce better, sellers compete to attract maximum consumers and consumers compete
with each other in obtaining goods and services of better quality.
6. In a capitalistic economy an individual is free to save as much as he can and invest or spend that
saved money the way he likes.
7. In capitalism, price mechanism guides the producers and consumers. Price mechanism means
that price is determined by the interaction of the forces of demand and supply. Price mechanism
helps producers to decide what to produce, how much to produce, when to produce and where
to produce.
MERITS AND DEMERITS OF CAPITALISM
MERITS
DEMERITS
Capitalism is democratic in nature since all the Greatest demerit of capitalism is unequal
producers, sellers, consumers etc are free to do distribution of wealth and income. This render rich
the work of their choice.
more rich and poor more poor.
Capitalism increases productivity of all the factors Capitalism leads to division of society in two
of production. It offers higher standard of living to classes. Rich and capitalist class leads a luxurious
life and labour class struggles to get even two
people and leads to rapid economic growth.
square meals.
The scare resources are used most economically Capitalism promotes materialistic attitude in the
and with minimum waste so that their cost of people. The lust for profit and wealth gives rise to
production may come to minimum.
several social evils.
People get incentives to save and invest more
because of right of private property and
inheritance. It increases saving and investments
which lead to a higher rate of capital formation.
Competition, one of the distinctive features of
capitalism can be quite wasteful in reality when an
advertisement is used to compete out other
competitor from the market.
SOCIALISM
In socialistic economic system, economy is controlled by government and it directly intervenes in
economic activities in the interest of social well being.
The concept of socialist economy was propounded by Karl Marx and Friedrich Engels in 1848 in their
T
C
M
T
U““‘
disintegration in late eighties.
China, Vietnam, Cuba, Hungry, Polland are the examples of this economy.
*Socialism is a system under which the economic system of the country is controlled and regulated by
the government so as to ensure welfare and equality of opportunity to people in a society.
FORMS OF SOCIALISM
Among different forms of socialism, two are most important:
Democratic Socialism
Means of production and other activities are controlled and regulated by the government but at the
same time there is freedom of occupation and consumption.
Totalitarian Socialism
Economy is completely controlled by the government and people have to work under the direction of
the government. It is popularly called Communism.
FEATURES OF SOCIALISM
1. All important means of production are owned, managed and controlled by state. Government
represents the society. But it does not mean that an individual cannot keep his private property.
2. Decisions regarding production, costs, prices, wages etc are taken by Planning Commission. For
this purpose, a planning commission is set up. Planning Commission prepares the plans and
implement them.
3. State being the chief entrepreneur there is not cut-throat competition as found under capitalist
economy. All the wastage of competition is prevented.
4. Socialism recognizes human values. A main criterion
M
5. Socialist system aims at an equitable distribution of income. Government decides the fair
distribution of income.
6. Socialism promotes social equality. As all the members work to earn their living, there are no
such classes as capitalist class or labour class.
7. Government in socialist economy do not differentiate among people and provide equal
opportunity of education, occupation and other social benefits to all members of the society.
MERITS AND DEMERITS OF SOCIALISM
MERITS
DEMERITS
Under socialism, income is distributed on just and People are made to work according to directions
equitable basis; equal opportunities are provided of state. Hence, they lose individual initiatives and
to everyone.
incentives to work.
All important economic decisions are taken by
Central Authority (Planning Commission) which
ensures allocation of resources for maximum
social welfare and satisfaction.
Consumers lose freedom of choice of goods and
services and workers lose freedom of choice of
occupation since all power is vested on the
government.
Under socialism, there is no wasteful Prices are not determined on the basis of demand
advertisement. Goods and services are produced and supply which is necessary for effective
as per actual needs of people.
functioning of an economy.
Cyclical fluctuations which are common in
capitalism do not occur in socialism. Situations like
boom,
depression,
unemployment,
overproduction etc do not raise their ugly heads.
Bureaucratic controls and procedural bottlenecks
lead to approvals to be taken from the
government which promotes bribery and other
forms of corruption.
*DIFFERENCE BETWEEN CAPITALISM/PRIVATE SECTOR & SOCIALISM/PUBLIC SECTOR
BASIS OF DIFFERENCE
CAPITALISM/PRIVATE SECTOR
SOCIALISM/PUBLIC SECTOR
Ownership of means of Owned and controlled by private Owned and controlled by State.
production
entrepreneurs.
Economic Decisions
Decisions are
entrepreneurs.
C
C
for success.
C
important.
Basic Motive
Capitalism is based on profit motive.
Socialism is based on social
welfare.
Distribution
of
taken
by
private Decisions are taken by State.
Income Unequal distribution of Income and Equal distribution of Income and
and Wealth
wealth.
wealth.
Competition
Capitalism
competition.
Nature
Capitalism implies free economy.
promotes
perfect Socialism bans competition.
Socialism
economy.
implies
controlled
Freedom of occupation People enjoy freedom of occupation People do not enjoy freedom of
and consumption
and consumption.
occupation and consumption.
Role of Government
Confined to regulation and control of Government plays a key role in
economy.
the economy.
Economic Incentives
Capitalism provides highest incentives Socialism kills efficiency
for greater efficiency, hard work and ability.
entrepreneurial ability.
Class struggle
Capitalism divides the society into two Socialism promotes social justice.
parts-rich and poor.
Economic stability
Capitalism causes trade cycles, Socialism promotes economic
fluctuations and economic instability. stability and sustained growth.
and
MIXED ECONOMIC SYSTEM
*Mixed economy is a system in which both public and private sectors work simultaneously to promote
the economic welfare of the society. It is also known as Dual Economy.
After the depression of 1929, J.M. Keynes suggested a new economic system. In this system, private and
public sector co-operate with each other with a view to achieve economic objectives as well as
promotion of social welfare. India, Canada etc have mixed economic system.
Mixed economy is that economy in which both public and private institutions exercise economic control.
Samuelson
Government usually owns public utility services like, Railways, Road Transport, Air Services, Shipping,
Defense, Supply of water, electricity, education and health facilities, post and communication etc.
Consumer goods industries, small scale industries and agriculture etc are generally owned by private
entrepreneurs.
Government keeps a watch on the activities of private entrepreneurs to ensure maximum utilization of
resources and to protect the interest of workers, consumers and weaker sections of society.
FEATURES OF MIXED ECONOMIC SYSTEM
1. Under mixed economy public and private sectors work hand in hand. Industries of public utility
are owned by Government and consumer goods industries are owned by private entrepreneurs.
2. Mixed economy functions through both the price mechanism and government direction.
3. Economic planning is an important feature of mixed economy. It maintains a balance between
public and private sector. The two sectors are not rivals to each other; they cooperate with each
other.
4. Aim of production under this system is to earn profit and to promote social welfare. If the
government is convinced that any private industry is working against the interest of the society,
it nationalizes such industry.
MERITS AND DEMERITS OF MIXED ECONOMIC SYSTM
MERITS
DEMERITS
Public and private sector industries cooperate The public sector and private sector do not always
with each other to achieve rapid economic work in a complementary manner.
growth.
Government provides essential services such as Mixed economy cannot continue for long period.
Railways,
Roads,
Power,
Communication, In the course of time, either it assumes the form
Education, Hospitals etc.
of capitalism or socialism
In mixed economy both private and public sectors The government can take over any industry at any
time. This creates a fear of nationalization in
ensures optimum utilization of resources.
private entrepreneurs.
Mixed economy ensures fair distribution of
income and wealth. Profit earned by public
enterprises can be utilized for capital formation
and providing facilities to poor.
In practice, private sector remains unable to
achieve efficiency because of constant and strict
government controls. Public sector remains
inefficient due to lack of initiative and
responsibility.
Poor people are protected against exploitation by Mixed economy suffers from the evil of corruption
rich. The government takes several legislative and hence economic progress is adversely
measures to safeguard the interests of people.
affected.
PUBLIC SECTOR AND PRIVATE SECTOR
PUBLIC SECTOR ENTERPRISE
Public enterprise refers to that industrial institution which is owned, managed and controlled by the
government. Public enterprises are also known as Government Enterprises, State Enterprises and
Government Industries.
T
engaged in supplying the public with goods and services which alternatively might be supplied by private
Encyclopedia Britanica
OBJECTIVES OF PUBLIC SECTOR ENTERPRISE
Following are the main objectives of Public Enterprises:
1. To help in the rapid economic growth and industrialization of the country and create necessary
infrastructure for economic development.
2. To earn return on investment and generate resources for development.
3. To promote redistribution of income and wealth.
4. To create employment opportunities.
5. To promote balanced regional development.
6. To assist the development of small scale and ancillary industries.
7. To promote import substitution, save and earn foreign exchange.
FEATURES OF PUBLIC SECTOR ENTERPRISE
1. Public sector industries are owned, managed and controlled by the government. The
government may be Central or State.
2. In public sector industries, major part of the capital is invested by the Government. Hence, along
with the ownership, management also vests with the Government.
3. Public sector enterprises are engaged in production and/or supply of goods and services. For
some industries, only public enterprises have the right of production and distribution.
4. Public sector enterprises work under the guidance of a Central Planning Authority. These
enterprises minimize the occurrence of trade cycle.
5. Public sector enterprises are very important source for implementing the government policies.
The government implement its various polices through these enterprises.
6. Public sector enterprises are essentially operative in the interest of the public. Efforts are made
by these enterprises to satisfy all possible human needs.
7. Public sector enterprises help in the development of infrastructure necessary for the
development of a country. All the facilities like water, power, transportation, communication,
banking etc are developed by public enterprises.
PROBLEMS OF PUBLIC SECTOR ENTERPRISE
1. M
organized and managed so that national welfare may be promoted.
2. There is unnecessary gap between planning and implementation of projects in public sector
enterprises. Actual implementation gets very late and this increases the cost.
3. Responsibility of providing funds rests with the government which is provided through budget
and plan, so public sector enterprises often suffers from shortage of funds.
4. Public sector enterprises are audited by internal auditor and final audit is done by Comptroller
and Auditor General of India.
5. A number of public sector enterprises are established with foreign collaboration. These
enterprises are dominated by foreign technicians and experts. Therefore, Indian technicians and
experts do not get proper opportunity of development.
6. Employees are appointed by Public Service Commission. So often posts remain vacant for a long
time.
7. Public sector enterprises suffer from red-tapism.
8. Generally IAS, IPS officers are deputed on the key posts of these enterprises, who are not
necessarily so efficient to run an enterprise.
9. Direct or indirect interference of politicians creates disturbance.
PRIVATE SECTOR ENTERPRISE
Private enterprise refers to all those industrial units or corporation engaged in production which are
owned by private individuals and managed by them for profit motive.
These days, private sector is qualitatively different from private sector of the past in the sense that the
corporate industrial units are owned by the shareholders and managed by professional managers. They
are not always interested in profits for shareholders but have other corporate objectives as well such as
expansion and consolidation, social consciousness and social welfare etc.
Private sector includes the following:
1. Organized sector (All large scale units)
2. Unorganized sector (Individual units)
3. Small scale units
PROBLEMS OF PRIVATE SECTOR ENTERPRISE
1. Bureaucratic delays in getting license, permits and necessary government clearances.
2. Corruption while getting necessary clearance form various government departments.
3. Increase in foreign competition as a result of liberalization and globalization. It has adversely
affected small scale industries.
4. Problem of finance and credit for small scale private sector industries.
5. Interest rates on loan are still very high in comparison to international interest rates.
6. Tax rates are still very high. Tax procedures are still very complicated.
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