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Explain the following term/concept.Privatization. - Organisation of Commerce and Management

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Short Note

Explain the following term/concept.
Privatization.

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Solution

(I) Privatization refers to reduce the involvement of state or public sectors by involving of private 'sector in economic activities.
(II) It implies government sectors to be sold or given to private individuals to run them.

Concept: New Economic Policy and Business
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