GENERAL KNOWLEDGE

Detailed explanation-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. The process in which a publicly-traded company is taken over by a few people is also called privatization.

Detailed explanation-2: -What Is Privatization? Privatization occurs when a government-owned business, operation, or property becomes owned by a private, non-government party. Privatization may also describe a transition that takes a company from being publicly traded to becoming privately held. This is referred to as corporate privatization.

Detailed explanation-3: -Privatization is the transfer of publicly owned or publicly operated means of production to private ownership or operation. The argument for this transfer is usually that privately run enterprises are subject to the discipline of the market and therefore they will be more efficient.

Detailed explanation-4: -Privatization can also be called denationalization. Privatization refers to the process of transferring of ownership and management of an enterprise from public sector to the private sector.

Detailed explanation-5: -Privatization is the process of transferring an enterprise or industry from the public sector to the private sector. The public sector is the part of the economic system that is run by government agencies.