ranjan

Post-independence India adopted a very conservative economy that was practically shut to the outside world. But, with the passage of time Indian leaders and economists recognized the need to merge with the global economy. So in 1991, India went through some major reforms, of which the privatization is a prominent one.  Privatization is the process of shifting the control of certain industries from public sector to private sector partly or completely. It was first world nations that came up with the concept of privatization with the aim of improving the condition of services offered by certain industries besides lowering the burden of Government. However, developing nations such as India also took a cue from these countries and privatized various sectors.  Many studies have demonstrated that privatization did not contribute to growth but helped to reduce income inequality, inflation contributed negatively to both economic growth and income equalization. Moreover, privatization is a meth