Question

Explain the concept of privatization with referance to economic reforms.

Answer 1

Privatization:

Privatization largely refers to giving more opportunities to the private sector, such that the role of the public sector is reduced. The main objectives of privatization are reducing the workload of the public sector, providing better goods and services to the end users, improving the government’s financial condition, and many more. Privatization is a way to allow the entry of foreign direct investments and bringing healthy competition into the economy.