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Essay On Privatization

1500 Words6 Pages

CIA – 3
SUBJECT: POLITICAL ECONOMY
TOPIC: PRIVATIZATION IN INDIA
BY
ALEKHYA NUNSAVTH
1533426
ECOH (B)
ABSTRACT:
My work deals with privatization in India. It deals with how privatization was evolved in India, what were the causes of privatisation, how privatization was carried of, benefits of privatization.
PRIVATIZATION IN INDIA
DEFINITION:
Privatization is derived from Latin word “Privare”. The literal meaning of privare is to take away, to steal something or to hijack. The Florida House of Representatives Committee on Governmental Operations conducted a review of the literature on privatization and offered the following spectrum of definitions: Engaging the private sector to provide services or facilities that are usually regarded as public sector responsibilities; Shifting from publicly to privately produced goods and services; …show more content…

The word privatization was avoided because 'privatisation ' encompasses a large arena. Any rolling back of the government’s involvement in economy can be called privatisation. Hence using this term might lead to anxieties , government did not want to create the impression of emphasising the sale of public assets as a foundation for its policy toward public enterprises. Advantages of not using the word privatization are it disarmed the critiques of government and prevented wasting of time of government in defining it. The Indian government went ahead quietly with disinvestment and other policies which fall under the general category of privatisation but never called this process a privatisation effort. Privatization occurred in India in response to the losses incurred by public enterprises, increasing public sector deficit, external debt crisis. India imitated privatization with help of IMF. It was implemented successfully by P.V.Narsimha Rao(the then prime minister) with the aid of Dr. Manmohan

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