What does privatisation mean?
noun
The process of transferring ownership or control of a business or industry from the state to private individuals or companies. This can involve the sale of state-owned assets, the privatization of public services, or the introduction of private sector management and investment into state-owned enterprises.
Example
"The government's decision to privatize the national airline led to significant improvements in efficiency and customer service."
Definition generated by AI and curated by RJS Tech Solutions LLP.