With reference to the functions of Public Sector in India, which of the following statements is/are correct? I. To provide public utility resources II. To build social and economic overhead capital III. To ensure balanced regional and sectoral growth IV. To pursue egalitarian goals Select the correct answer using the codes given below :

All four statements are correct, so the answer is C. Each is a recognised objective of the public sector under the Industrial Policy Resolution, 1956 and the Second Five Year Plan, which placed the public sector at the commanding heights of the economy.

• I (public utilities): Power, railways, telecom and water supply were areas where private capital was unwilling to invest for social reasons, so the state provided them.
• II (overhead capital): Steel, power, coal and heavy engineering built the base on which private industry could grow.
• III (balanced development): Locating units in backward regions and across sectors reduced regional disparities.
• IV (egalitarian goals): Articles 39(b) and 39(c) of the Directive Principles direct the state to prevent concentration of wealth and means of production, and the Preamble's socialist ideal gives this a constitutional basis.

Options A, B and D are wrong because each drops one correct statement: A drops IV, B drops I, and D drops II. For Mains, the post-1991 debate on privatisation and disinvestment asks whether these objectives still need the state as a direct producer. The 2021 strategic disinvestment policy keeps public sector units only in a few strategic sectors, so the older framing has narrowed.

Trap: Aspirants pick the option that feels most socialist and reject statement I or III as too obvious, when all four are standard textbook functions.