PRIVITISATION, LIBERALISATION AND GLOBALISATION is the familiar word throughout the world.
Privatization means reducing government role and increasing importance to the private sector. There is a scope to show the talent of the private sector to enhance the economic levels of the country. There is a misbelieve that privatization will harm to the common person. In the process of privatization, an economy creates a high competition among the role players. Competition will rate the efficiency of the business enterprise. Competition in the market will reduce the monopoly of all business enterprises. The economy will get high-sustained growth with an in-depth competition of the business. Privatization will throw an opportunity to private sector as well as government sector. Government will be free from pressure of inefficiency.
Liberalization means dismantling all the hurdles regarding regulations of various acts. According to the liberalization, every entrepreneur needs to submit five certificates instead of 81 documents in the old system.
Globalization is a magic word that resembles throughout the world in the digital economy. It is a worldwide battle for business sector. This policy will change the lives of 800 crores of population of the globe. The globalization will helpful to some economies and harmful to some others. It is a war between poor and nations.
Poor nations will have generally low standard livings, low income group. Illiteracy, poverty, unemployment, unrest in the society, violence, robbery, dacoits, and caste-based problems, political uncertainties, lack of strong government policies, implementation of the rules will depend upon bureaucracy and redtapism, delay in industrial licensing and permissions. All of these problems are making friendship with poor nations. These poor nations will also have some guest appearance problems such as like terrorism, smuggling, circulation of duplicate money in the economy, underworld ground activities, money laundering, and antisocial element guess work. Poor nations are playground for rich nations. On the other side of the coin, rich countries having high financial resources, higher per capita income, high growth of gross domestic product, high national income, high standard of living, high literacy levels, high savings potential, heavy consumption, quick recovery from global fluctuations.
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