is the incidence or process of transferring ownership of a business, enterprise, agency or
public service from the public sector (the state or government) to the private sector (businesses that operate
for a private profit) or to private non-profit organizations. In a broader sense, privatization refers to transfer of any government function to the private sector - including governmental functions like revenue collection andlaw enforcement.
.."Privatisation means endorsing / assigning the ownership of a public property/business to aprivate party."Uses:1)Development would be faster(due to competetion with the other private parties)2)Innovative solutions (due to again competetion with the other private parties)3)effective & time bound results4)cost cuttingsPrivatization is the implementation of a decision to sell companies owned by the State toprivate individuals/ companies.Benefits of privatization are making the erstwhile public sector commercial enterprisesurvive in competitive markets through better efficiency, higher productivity, improvedproduct quality and customer service, and reduction of waste and leakages due to Stateownership.There are no limitations of privatization except that hitherto unproductive or lessproductive labor would have learn afresh the art of servivng through hard work andexcellence. You must have heard of public sector ownership,that is Nationalisation. That iscompanies or organisations that the government owned for the people, e.g.,Electric,Gas,Water,Railways,Telecommunic... Post Office, Educational institutions,Ferries, Gas and Oil, Coal Mines, Public Transport, Air Line,Prison Services, Televisionand Broadcasting, Public Housing. These are some of the companies, services andorganisations that were in control by the government for its people. However, there arevery few of these remaining in public hands. The first to be sold were the profitable, likeOil,electric,ferries, you know I am sure what remains unDEr the public purse. I don'tknow what the money made on these sales was used for.(2) The benefits are limited to the shareholders, who have made a fortune since the firstshares were issued. The limitations are that the public are paying more now than ever before and the public purse is still paying towards necessary improvements, with noprofits as far as I know, although I may be wrong, who can tell. British Rail was sold, as itwas claimed to be a burden on the public purse it was therefore de-nationalised and