Assertion (A): The private sector consists of business owned by individuals or a group of individuals.
Reason (R): The private sector may either be partly or wholly owned by central or state government as per 1991 industrial policy.
(1) ‘A’ is right, ‘R’ is the correct explanation of ‘A’
(2) ‘A’ is right, ‘R’ is not the correct explanation of ‘A’
(3) Both ‘A’ and ‘R’ are wrong
(4) Only ‘A’ is wrong
