ECONOMIC LIBERALIZATION AND GLOBALIZATION. — Social Science STD 10 — Question
Gujarat BoardEnglish MediumSTD 10Social ScienceECONOMIC LIBERALIZATION AND GLOBALIZATION.3 Marks
Question
State the advantages of Privatization.
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Answer
Definition:
Privatization means the process in which ownership and management of industrial units, under state control is handed over or transferred to the private sector is called Privatization. Advantages of Privatization:
$>$ There is increase in number of production units in industrial sector.
$>$ Production has been increased in capital intensive and consumable commodities due to privatization.
$>$Working capacity of public sector has improved due to privatization of public sector enterprise. Disadvantages of Privatization:
$>$Economic power has centralized as a result of privatization. Because of which evil of monopoly has increased.
$>$ Cottage industries have not developed properly due to privatization. Only large industries have been benefitted.
$>$ Prices have not remained under control due to privatization this has led to problem of price rise.
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