What is liberalisation and privatization

Economic liberalization (or economic liberalisation) is the lessening of government regulations and restrictions in an economy in exchange for greater participation by private entities; the doctrine is associated with classical liberalism. Thus, liberalization in short is "the removal of controls" in order to encourage economic development.It is also closely associated with neoliberalism.

Privatization (also spelled privatisation) is the purchase of all outstanding shares of a publicly traded company by private investors, or the sale of a state-owned enterprise to private investors. In the case of a for-profit company, the shares are then no longer traded at a stock exchange, as the company became private through private equity; in the case the partial or full sale of a state-owned enterpriseto private owners shares may be traded in the public market for the first time, or for the first time since an enterprise's previous nationalization.