Privatisation of the economy:, Microeconomics

Assignment Help:

Privatisation of the Economy:

Privatisation has to be viewed in two ways: In a narrow sense, it implies the induction of private ownership in a public sector undertaking. In a broader sense, it implies the enlargement of the scope of the private sector in the growth of the economy. In the initial phase of development planning in India, more especially after the Industrial Policy of 1956, the socialisation of the economy was measured by the size of the public sector in the national economy. The greater the share of the public sector, the greater was the degree of socialisation of the economy. Under economic reforms after 1991, the main thrust is that the private sector is

considered as the engine of growth. By placing restrictions on the public sector and by reducing its role in several areas where it earlier enjoyed a monopolistic position, the new environment assigned an increasing role for the private sector. Over the years, this was bound to increase the share of the private sector in theeconomy. This is the meaning of privatisation in a broader sense. It is now accepted by one and all that economic reforms are intended to increase the role of the private sector in the process of development and the scope of the public sector will be narrowed down to providing infrastructure like roads, railways, electricity as also in providing social infrastructure in health and education. Even in economic and social infrastructure, the assistance of the private sector will be sought, but major responsibility will be that of the public sector.

 


Related Discussions:- Privatisation of the economy:

Common property regime , Normal 0 false false false EN-...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Social welfare function, 2 i) Explain what are the key assumptions by the w...

2 i) Explain what are the key assumptions by the welfarist approach. ii) Define and discuss the properties of a Generalized Utilitarian social welfare function and represent it

Point elasticity, Point Elasticity: Point elasticity is brought in use ...

Point Elasticity: Point elasticity is brought in use when the change in price is quite small, which means. The two points between which elasticity is being measured or calculat

Withdrawing mrtp restrictions, Withdrawing MRTP Restrictions: The res...

Withdrawing MRTP Restrictions: The restriction on the scrutiny of an investment proposal that it does not violate the provisions of MRTP Act was withdrawn. This freed big bus

Input substitution when the input price change, Input Substitution When the...

Input Substitution When the Input Price Change  Isoquants and Isocosts and Production Function The minimum cost combination can be written as: - Minimum cost

What is the nash equilibrium, i) Two firms, A and B, are operating in a U...

i) Two firms, A and B, are operating in a UK textile industry under duopolistic condition and choose to either produce at "High" price or a "Low" price. Suppose you are the man

#title, what is marginal costs?

what is marginal costs?

I dont understand this, Joe Brown’s dairy operates in a perfectly competiti...

Joe Brown’s dairy operates in a perfectly competitive marketplace. Joe’s machinery costs $500 per day and is the only fixed input. His variable costs are comprised of the wages pai

Indifferentces curve, using the tools of an indifference curve and isoquent...

using the tools of an indifference curve and isoquent, highlight on consumption and production in business economics.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd