Question

Define privatisation​

Answer 1

Definition: The transfer of ownership, property or business from the government to the private sector is termed privatization. The government ceases to be the owner of the entity or business.

Answer 2

Privatization is the act of transferring or passing the ownership or the control of a government company, factory, etc. to under a private control i.e. under a private ownership.

In such a case, government can no more have ownership rights over the company, factory, institution, industry, etc.

Generally, privatization leads to the improvement in various parts of the company as a private ownership aims at better efficiency of the company by implementing various strict rules.

The title of the company changes from " Ltd. " to " Pvt. Ltd. ".