What is privatization and explain with merit and demerits?

Privatization is the process of transferring ownership of a public sector enterprise or service to private individuals or organizations. Merits of privatization include increased efficiency and innovation due to competition, as well as reduced government expenditure and potential for improved service quality. Demerits can include loss of public accountability, potential monopolies, and a focus on profit over public welfare, which may lead to reduced access to essential services for lower-income populations.