Question

Explain the following concept with example.

Privatisation

Answer 1

Privatisation is a process where services which were previously subject to government control were opened up for private service providers in fields like healthcare, insurance, radio, television, education etc. It is an allied process that accompanies globalisation.

Example: Allowing entry of private players in insurance sector. [LIC had monopoly till late 90s when the insurance sector was opened to the private sector.]