Step 1: On the basis of ownership, economic activities are divided into the public sector and the private sector. Step 2: In the private sector, ownership of assets and delivery of services is in the hands of private individuals or companies - e.g. Tata Iron and Steel Company Limited (TISCO) or Reliance Industries Limited. Step 3: The main aim of the private sector is to earn profit, and its activities are individually (privately) controlled. Step 4: Being controlled by the government and working for public welfare and for the poor are characteristics of the PUBLIC sector. Step 5: Hence the correct characteristic is 'Individually controlled' - Option (B).