Privatisation

Privatisation is the process of transferring ownership of a business, enterprise, or public service from the government or public sector to private individuals or organizations. This process aims to increase efficiency, stimulate competition, and improve service quality by allowing market forces to operate. Privatisation can occur through various methods, including the outright sale of state-owned enterprises, outsourcing services to private companies, or the introduction of private investment in public projects. The underlying principle is that private entities, driven by profit motives, can manage resources and services more efficiently than the public sector, which is often subject to bureaucratic constraints. While privatisation can lead to increased operational performance and improved consumer choice, it can also raise concerns about accountability, accessibility, and the potential neglect of public interests.