Privatisation refers to the process of transferring ownership of state-owned enterprises to private buyers. This involves selling shares of state companies to individuals and groups, as well as transitioning some government services to private businesses. Privatisation can promote competition, improve efficiency, increase productivity, stimulate investment and economic growth, and increase citizen participation in asset ownership. However, it may also lead to job losses as private companies prioritize profits over hiring. The government still maintains responsibility for citizen welfare.