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Public sector is leaded by the govt. but the private sector was headed by individuals.... 

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In Public sector, the organisations is wholly owned by the Government, like Indian Oil, LIC, etc. 
Companies owned by the private entrepreneurs are private section, lie Reliance, Tatas etc. 
There is a third version, i.e., Join sector where the organisations are owned jointly both by the Government as well as by the people, like denationalised banks, where sotcks are help both by the Government and by the people.

Hope this helps:)
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