MNC's are in a position to exercise massive control on an economy because of the following reasons:
(a) MNC's are characterised by possessing huge financial resources. These huge financial resources give them economic power in the economy. They can afford to survive even during losses as well.
(b) MNCs possess technological superiorities and are capable of conform to international standards and quality specifications.
(c) They make use of aggressive marketing strategies for their products.
(d) They have an established brand image in the market.

It is established under a special act passed in parliament or state legislative assembly. Its objectives, powers and functions are clearly defined in the Statute fact. Examples include Unit Trust of India, Life Insurance Corporation of India, Steel Authority of India Limited etc.
Features
1. It is established under a special act which defines its objects, powers and functions.
2. It has a separate legal entity.
3. Its management is vested in a Board of Directors appointed or nominated by the government,
4. It has its own staff, recruited and appointed as per the provisions of act.
5. This type of enterprise is usually independently financed. It obtains funds by borrowing from government or from public or through earnings.
6. It is not subject to same accounting and audit rules which are applicable to Government Department.
Merits
1. Internal autonomy: It enjoys a good deal of autonomy in its day to day operations and in free from political interference.
2. Quick decisions: It can take prompt decisions and quick actions as it is free from the prohibitory rules of government.
3. Parliamentary control: Their performance is subject to discussion in Parliament which ensures proper use of public money
4. Efficient management: Their Directors and top Executives are professionals and experts of different fields.
Demerits
1. Flexibility is for name sake only: In reality, there is not much operational flexibility. It suffers from lot of political interference.
2. Lack of profit motive: Usually they enjoy monopoly in their field and do not have profit motive due to which their working turns out to be inefficient:
3. Corruption: Where there is dealing with public, rampant corruption exists. Thus public corporation is suitable for undertaking requiring monopoly powers e.g., public utilities.

Differences between Statutory Corporation, Departmental Undertaking and Government Company are summarized in the table given below:

Multinational Company may be defined as a company that has business operations in several countries by having its factories, branches or offices in those countries. But it has its headquarter in one country in which it is incorporated. Example: GEC, IBM, PHILIPS, COCA-COLA etc.
Features
1. Huge capital resources: MNCs possess huge capital resources and they are able to raise lot of funds from various sources.
2. International operations: A MNC has production, marketing and other facilities in several countries.
3. Centralised control: MNCs have headquarters in their home countries from where they exercise control over all branches and subsidiaries. It provides only broad policy framework to them and there is no interference in their day to day operations.
4. Foreign collaboration: Usually they enter into agreements relating to sale of technology, production of goods, use of brand name etc. with local firms in the host country.
5. Advanced technology: These organisations possess advanced and superior technology which enable them to provide world class products and services.
6. Product innovations: MNCs have highly sophisticated research and development departments. These are engaged in developing new products and superior design of existing products.
7. Marketing strategies: MNCs use aggressive marketing strategies. Their brands are well known and spend huge amounts on advertising and sale promotion.

A joint venture is a business agreement in which two or more organisations come together for mutual benefits and gains. Business organisations in a joint venture share not only the physical, financial and human resources available but also the risks and profits of the business. The following are some of the benefits for a company entering into a joint venture.
(a) Increased resources and capacity: In a joint venture, the resources and operational capacities of the individual business are pooled. A joint venture is able to expand and grow better than an individual business enterprise.
(b) Access to new markets and distribution networks: Entering into a joint venture with an enterprise located in another region widens the market base for each of the individual enterprises.
(c) Access to technology: Through a joint venture, a company can acquire new and modern technology more easily with less investment and less time and effort compared with the technology that individual enterprises may be able to acquire working independently.
(d) Innovation: A joint venture, especially with a foreign partner, gives a company access to new ideas and technology which help in the innovation of new products. These new products enable businesses to sustain in today’s complex and competitive market.
(e) Low cost of production: The costs of raw material and labour, etc., are very low in India compared to other countries. Thus, international corporations that enter into joint ventures with Indian companies reap huge benefits.
The Public Private Partnership is that model of partnership wherein the tasks, obligations, responsibilities and risks are optimally allocated among the public and the private partners. In a PPP, the public partner may include government entities, such as ministries, government departments, municipalities, etc., whereas the private partner may include local or foreign businesses or investors with relevant technical or financial expertise. 
The key benefits of PPP are as follows:
(1) Sharing of risk: With the public and the private entities, both coming together for the construction and designing of projects, the risks are shared and thus reduced.
(2) Accelerating project: The public and private partnership ensure that the project work is accelerated by sharing the tasks and responsibilities with the aim of completing the project on time.

Global enterprises are considered superior to other business organizations because it has following advantages which other business organizations may not have.
1. Huge capital resources: MNCs possess huge capital resources and they are able to raise lot of funds from various sources.
2. International operations: A MNC has production, marketing and other facilities in several countries.
3. Centralized control: MNCs have headquarters in their home countries from where they exercise their control over all branches and subsidiaries. It provides only broad policy, framework to them and there is no interference in their day to day operations.
4. Foreign collaboration: Usually they enter into agreements relating to sale of technology, production of goods, use of brand name etc. with local firms in the host country.
5. Advanced technology: These organisations possess advanced and superior technology which enable them to provide world class products and services.
6.Product innovations: MNCs have highly sophisticated research and development departments. These are engaged in developing new products and superior design of existing products.
7.Marketing strategies: MNCs use aggressive marketing strategies. Their brands are well known and spend huge amounts on advertising and sale promotion.

Before 1991, public sector was supposed to perform the following role in India:
(a) Rapid Economic Development: It was required to make efforts so that the rate of economic development accelrates.
(b) Provision of Infrastructure: Another expectation from public sector was to provide infrastructure in the form of better roads, more hospitals, more schools, better irrigation facilities etc.
(c) Sound Industrial Base: We also needed public sector to develop a sound industrial base because Private Sector either did not have huge capital required for these or were not interested in this sector as they had a long gestation period.
(d) Development of Backward Regions: Public sector also aimed at developing backward regions as it is necessary for the balanced development of a country. Private sector being profit minded does not take interest in investing in backward regions.
(e) Generation of Surplus: Another expectation from public sector was to generate a surplus that could be used for investment in other sectors whereby the growth rate could be accelerated.
(f) Creation of Employment Opportunities: Public sector also played its role in creating employment opportunities in organized sector so that poverty can be reduced and standard of living can be enhanced.
(g) Control of Monopoly and Restrictive Trade Policies: Public sector also aimed at controlling monopoly and restrictive trade policies. Otherwise few private industrialists would have gained extreme economic power. It could be harmful for the nation as a whole.
(h) Serving of Strategic National Interests: Public sector also plays its role in serving strategic national interests. They provide law and order, administrative services, police, defence, and many infrastructural facilities even when they are not given any profit as such in monetary terms.

Development of a country originates from industrial development. Industrially developed countries are also economically prosperous. The 2^nd Five Year Plan also called the Mahalnobis Model lead to the promotion of heavy and key industries in India. The period 1950 onwards witnessed development of infrastructure, research and development, establishment of large scale along with many small scale industries, co-existence of public and private sector enterprises, growth of both consumer and capital goods industries. The industrial sector made a significant contribution to agriculture and trade.
The industrial policy plays a key role in influencing the foreign trade policy, fiscal policy, the monetary policy, the economic policy of the country. Government of India declared its 1^st Industrial Policy Resolution (IPR) in 1948. It divided the industries into four categories.
1. Industries that were to be state monopolies. These were limited to atomic energy, arms and ammunition and railways (3 in all).
2. Basic industries in which the state would have the exclusive right to new investment- 6 industries were included in this - iron and steel, ship building, mineral oils, coal, aircraft production and telecommunication equipments.
3. Industries of national importance that the state might regulate and license in consultation with state government. 18 industries were placed in this category.
4. All other industries that would be opened to the private sector without constraints. IPR 1948 remained in force till 1956. Two developments had taken place. One; the first plan which was initiated in 1951 was completed. Second, Parliament accepted socialistic pattern of society. This led to IPR 1956.
Special features of IPR 1956 were as follows:
1. Specific and all important roles assigned to the public sector - all industries were classified into 3 groups. These groups were called schedule A, B, C.
Schedule A - Exclusive responsibility of state. There were 17 industries in this.
Schedule B - Progressively state owned - 12 industries.
Schedule C - Generally left to private sector. The state reserved the right to enter this if need be.
2. Protection to cottage and small scale industries.
3. Cautious approach towards foreign capital.
IPR 1956 remained the basis of industrial policy till 1991.