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In this article we will understand Privatization of public sectors.
Privatization is a process in which the sector or industry is transferred from public sector to private sector.
In other words, we can also say it like privatization that the transfer of such industrial units to the private sector is still in government ownership and control.
Public sector is part of the economic system operated by government agencies. Privatization can also include the sale of government properties or the removal of restrictions that prevent private individuals and businesses from participating in a given industry.Supporters of privatization say that competing in the private sector promotes more efficient practices, which ultimately leads to better service and product, low cost and less corruption.
On the other hand, critics of privatization argue that some services – such as health care, utilities, education and law enforcement – should be able to enable more control in the public sector and ensure more equitable access.
What impact did personalization have on business and industry?
- Under the new economic policy, variables in debt components are not necessary now?
- Under the new economic policy, the government is providing possible incentives for the development and expansion of private sector industries.
- Due to adoption of privatization procedures under economic reforms in the commercial and industrial sectors of India, the total investment in the private sector has increased rapidly.