What Is Privatization?

There is constant increase in the privatization of the economy the government is taking many steps to privatize the government owned industries which are providing least efficiency. The term privatization means to transfer the ownership of the government property to the private sector. The privatization is carried through the advertisement in the news by which the companies and individuals are asked to come to the auction ceremony of any property in which many buyers come together and they quote their prices. The higher the price the person can win to take the property or ownership. The privatization is the only key to gain the economic efficiency and enhance the productivity of the country.

It started from the British when the government started to sold his owned properties to private sector in 1980. By doing privatization the government can attract large number of foreign investors by which the country get the foreign reserves and the there are chances to increase the employment opportunities in the country by utilizing the government funds the government can start the large infrastructure development projects by which the government can provide better facilities to the government sector. It took practice after started from British to other countries of the world.