Back in the late 20th century, many countries decided to fundamentally reshape their economies. This shift was built on three core ideas: letting go of control, changing who owns things, and opening up to the world. While they often work together, it’s helpful to understand what each one means on its own.

Think of privatisation as moving a business out of government control. It means selling off all or part of a state-owned company – its ownership, management, and control – to private individuals or firms. Why do governments do this? Often, the goal is to boost efficiency and profits. Without constant political meddling, these businesses might innovate more and offer better service. Of course, there are downsides; sometimes jobs get cut or prices go up for consumers. A clear recent example is India’s national carrier, Air India, which transitioned back to the Tata Group in 2021. This move can happen entirely or just partially, using methods like direct sales or reducing the government’s stake (disinvestment).