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Work Life Balance Report

Work Life Balance Report

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Published by Suvidha Jain

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Published by: Suvidha Jain on Aug 13, 2010
Copyright:Attribution Non-commercial

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02/05/2013

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Public sector
: -
Prior to Independence, there were few ‘Public Sector’ Enterprises in the country.These included the Railways, the Posts and Telegraphs, the Port Trusts, theOrdinance Factories, All India Radio, few enterprises like the Government SaltFactories, Quinine Factories, etc. which were departmentally managed.The public sector is that portion of society controlled by national, state or provincial, and local governments. In the United States, the public sectoencompasses universal, critical services such as national defense, homelandsecurity, police protection, fire fighting, urban planning, corrections, taxation, andvarious social programs.The public sector overlaps with the private sector in producing or providing certaingoods and services. The extent of this overlap varies from country to country, stateto state, province to province, and city to city. This overlap is most often seen inwaste management, water management, health care, security services, andshelters for homeless and abused people. Sometimes, service providers movefrom the public sector to the private. This is known as privatization, and has beentaking place in recent years on a large scale throughout the world. In other instances, a service may shift from the private sector to the public. This is lesscommon, but health care is one area where some governments are providing or experimenting with services previously furnished by private providers.Governments routinely hire private corporations to provide goods and services for the public sector, a practice known as outsourcing. Examples include themanufacture, construction, or maintenance of aircraft, military hardware, electronicand communications equipment, computers, roads, freeways, bridges, parks, andrecreation areas.
Private Sector:-
 
The phenomenal growth of private sector of India can be attributed to political will,financial reforms, usage of more advanced technology, young and large Englishspeaking working class. The 7-8 % of annual GDP growth rate India is the one of the highest growth rate in the world. The last 15 years witnessed a phenomenalrise of the growth of private sector in India. The opening up of Indian economy hasled to free inflow of foreign direct investment (FDI) along with modern cutting edgetechnology, which propelled India's economic growth.
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Previously, the Indian market were ruled by thegovernment enterprises but the scene in Indian market changed as soon as themarkets were opened for investments. This saw the rise of the Indian privatecompanies which prioritized customer's need and speedy service. This further fueled competition amongst same industry players and even in governmentorganizations. Further, the government of India also divested some of itsenterprises to ensure smooth operation of these companies which was otherwisewere loss making. It also went further and forged joint venture private Indiancompanies, especially in sectors like, telecommunication, petroleum, housing andinfrastructure. This inculcated healthy competition and benefited the endconsumers, since the cost of service or products come down substantially.
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Public sector
Life Insurance Corporation Limited:-
Insurance is a social device where uncertain risks of individualsmay be combined in a group and thus made more certain - smallperiodic contributions by the individuals provide a found out owhich those who suffer losses may be reimbursed. In addition tobeing a means to protect oneself, the insurance Industry is anefficient conduit for the saving of people to be channeled towardseconomic growth. In India, the Insurance Industry7 is more than150 years old. Today, it is monopolized by two PSU's in theirespective fields of life and General Insurance. However, with thesuccessful passage IRDA Bill through both houses of parliament inDecember 1999 the sector has been opened up to private players.This willprovided much. Needed impetus to the Industry and willimprove the quality of service and products and will also increaseemployment opportunities. There are still some issues their need tobe sorted out, particularly with regard to the status ointermediaries as envisaged by the Insurance Regulatory Authority.
Present Status of LIC of India
Existing as a towering
insurance company
for over 50 years, LIC has acquired almost monopoly power in thesolicitation and sale of 
life insurance policies
in India. In addition to thesummary regarding the present stature provided at the beginning, LIC hasextended its activities in 12 countries other than India with the objective of catering to the insurance needs of Non Resident Indians. The enforcementof 
New Economic Reforms in 1991
coupled with the formation of 
Insurance Regulatory and Development Authority Act (IRDA) of 2000
(which started issuing licenses to private life insurers ) has diluted the
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