Detailed Solution:
The correct answer is “I, II, III and IV are correct”.
All the statements accurately describe the functions of the public sector in India:
1) Providing public utility resources: The public sector is involved in providing essential services such as electricity, water supply, and transportation to ensure public welfare.
2) Building social and economic overhead capital: The public sector plays a crucial role in developing infrastructure, which includes roads, railways, ports, and other facilities necessary for economic growth.
3) Ensuring balanced regional and sectoral growth: The public sector undertakes investments in underdeveloped regions to reduce regional imbalances and promote equitable growth across different sectors.
4) Pursuing egalitarian goals: The public sector focuses on reducing economic disparities, providing employment opportunities, and ensuring social justice by contributing to inclusive growth.