Privatization means ________.

Privatization occurs when government-owned businesses, industries, or services are sold or handed over to private individuals or companies.
It shifts responsibility from the state to the market.
2. Objectives
Improve efficiency and profitability by introducing competition.
Reduce the financial burden on the government.
Encourage private investment and innovation.
Expand the role of the market economy.
3. Examples
Selling shares of a government company (like Air India being sold to Tata Group).
Allowing private firms to run services previously managed by the government (e.g., telecom, banking, airlines).
4. Forms of Privatization
Ownership transfer: Government sells its stake to private players.
Management contracts: Private firms manage operations while ownership remains public.
Public-Private Partnerships (PPP): Joint ventures between government and private sector.
Key Point:
Privatization = moving from government control to private control to enhance efficiency, reduce costs, and promote competition.