Economies around the world, without exceptions, have reaped innumerable benefits by opening the doors to privatization. The sloth and scanty method of working by governments impedes innovation, impairs quality of living, and creates suffering not only for industrialists but the low working class as well.

Among the essential benefits of Privatization are the economic freedom it brings and the social and cultural space. When the state lifts its heavy hand over industries, people are rendered free to think and generate wealth by creating markets. The invisible hand of the market creates competition which automatically fights exploitation by big players.

Examples of prosperity through Privatization stand out as we see the world now. The trajectory of development and freedom of western nations has been on the back of the free-market legacy. While on the other hand, countries set up in the socialist form of economies lag in all indicators. Free markets have drawn millions of people out of poverty at a shockingly fast pace ever seen in the history of mankind before.

Historically and constitutionally, India has toed the line of socialist and welfare form of economy. Incessant governments have resisted the opening of markets to foreign investments. This policy hugely affected the country’s growth and deprived India of emerging as a strong global power.
But all this changed as soon as in the ’90s under the leadership of the then Prime Minister Narasimha Rao India took the path of liberalization under the aegis of then Finance Minister Dr. Manmohan Singh. We saw a birth of a new India.

Just within a decade of liberalization, India escaped what was called “the Hindu rate of growth.” Annual GDP jumped to 7% rather than hovering around the usual 2-3%. The service sector grew at an average of 8.1% a year through the 1990s. The software industry's revenues grew from paltry $197 million in 10 to $8000 million in 2000. And Indian software Industry’s export value jumped to $ 6,300 million.

Indian entrepreneurs helped the market in the country but rose to fame internationally and their incredible business acumen and innovative mind. Software firms like Wipro, TCS, and Infosys were widely respected and listed on New York Stock Exchange.

Not only IT, but Indians also proved their metal in textiles, agriculture, and pharmaceuticals, thus standing out as a key player in Global village and being compared to the world's emerging superpowers.

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