Privatization is the process by which the ownership of the assets are sold to the private sector by the state or the government. Business owned by the private groups intend towards maximizing the profit along with curbing the costs. There is an increase in the competition that regulates and improves the efficiency in the market. The cost of the production is inclined towards a decreasing value. The salaries of the employees are enhanced so as to attract major population to work for the private sector.
