What is meant by 'Privatisation'?

Explanation

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.

...