Privatization is essentially the method of shifting public sector units within the hands of personal house owners.
Privatization in India mainly started post independence.
Many developed countries like France, European country and uk had already tried hands at it and it had tried to achieve success in most cases.
There are a number of reasons owing to which the government of a country takes the decision to privatize certain sectors.
Some of these embrace lowering the burden of the govt, coping up with the financial losses, providing better services and enhancing the overall customer experience.
While sure countries have benefited from privatization others have failing drastically.
India has seen a mixed result. While some industries in India are doing a good job post privatization others have dipped the quality of services and raised the prices.
There is an on-going debate over whether the government should privatize the public sector industries or run them on their own. Different people have different views on this and the government has its own take.
However, the reality is that privatization has its share of benefits furthermore as disadvantages.
The impact of privatization has been negative in sure cases however it's additionally yielded its set of positive results.
Many industries and sectors in India as well as other countries come under the public sector which means they are owned and run by the government agencies. However, gradually there has been a shift from these being governed by the public sector to the private sector. This shift has been termed as privatization. A number of factors have led to this change.
Many developed nations started with privatization of various industries to beat the constraints Janus-faced by the general public sector and Asian country followed the league shortly.
Under privatization either the govt command assets are sold to the personal house owners and that they are given the full and sole responsibility of handling sure industries or the
government has allowed the private businesses to participate in the functioning of some industries.
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