 They are learners, this is the concluding video, concluding part of video on unit tree that is on industrial policies. So, here we have taken learning objectives and based on this we shall conclude the unit tree. So, what are the learning objectives of this video? We have taken a tree learning objectives to describe the meaning of privatization and its advantages as well as the disadvantages. Then we shall take up the other learning objectives that after going through this video and after reading your Salaam that we should be able to describe the meaning of disinvestment. What is disinvestment and what are the objectives of disinvestment? Then thirdly we shall take up the explain about the insurance regulatory development authority, IRDA, IRDA. So what is privatization, what are its advantages, what are its disadvantages, what is disinvestment, what are the objectives of disinvestment and what is all about insurance regulatory development authority of India. These are the three learning objectives that we have taken up for discussion in this small video. Let us take one by one. What is privatization? Privatization is transfer of ownership of property or business from government to privately owned entity. Earlier it was of government, earlier it was of a public sector organization. Now that it has been sold to a private sector organization that is privatization. Private will transfer the ownership or the public sector organization will transfer the ownership of its land, buildings, machineries, equipment from their own thing to some private parties. So the private enterprises will take up the control of the business. Say Delhi, Mahanagar telephone, the bidet stations are limited or say here in there right now the talk is about going on about privatization of air India. If air India is privatized, who will take up the air ducts, who will take up the different land, building, machineries, equipment etcetera of air India. So it is transfer of ownership of property or business from government to privately owned entity. Transition from a publicly owned company to a privately owned one. It is a transition, right now say air India privatization is being the hot topic. So bids are invited, who will be interested that is a transition. Then those bids will be evaluated, somebody will be given the responsibility that you possess this particular organization. And why this privatization because in the public sector there are two aspects, one is if we go for privatization, the second part we shall discuss about this investment. Then there is likely some inflow of cash to the government that is one. At the same time the government has not been able to manage it properly. The public sector has not been able to manage it properly. So give it to private enterprise so that efficiency improves. There could be reduction in fiscal deficit, there could be now in case of public sector enterprises there are lots of government, right, intervention, influence is there, political leadership influence is there but in case of private sector enterprise these are likely to be less. So private companies are sometimes ls that they do not care about society and employees concerned with short term benefits and that is why in India case we had a mixed economy concept but later on we have sense and that we have also found that private sector organizations also suppose the house of Tata's they are highly socially responsive. Then we shall take up the other objectives, this investment, action of government selling or liquidating an asset or subsidiary, government suppose ONGC oil and natural gas corporation they have got ONGC bidets limited, they have got ONGC forward, right, some enterprises backward, some enterprises suppose the government thinks about, right, releasing the stake in some of these that is this investment, action of government selling or liquidating based on which the government will uncredit and so you uncass that is called as this investment. This is some not to replenish capital goods or reduction in capital expenditure can use the diversities or proceeds better. So government is in need of money. So through privatization by or through by, right, letting the shareholding go, government can earn some money. So that is likely to help the liquidity position of government. So that is why government many times take this kind of decisions. So it facilitates creation of profitable assets by replacing capital goods with an anticipation of higher return on investment. So capital goods are replaced with an anticipation of higher return on investments. So this investment in Indian context to reduce the financial burden on government, government has to meet a large number of burdens to take the needs of health care, to build the highways, to build the airports, for railway infrastructure. Government money, right, a large number of demands are there from across the organizations. So in that case, suppose the government is holding shares in ONGC and suppose it wants to dispose of say 10 percent of shares or say 5 percent of shares in ONGC and that is what that will attract. Government will be able to fetch some money from the money market, from the shareholders and at the same time government will reduce its control and that will lead to a privatization move and that is likely to influence the competitive spirit of the organizations and that is likely to influence the market discipline. So that is why also government takes the disinvestment decision. It is not increasing investment rather letting the investment go, that is this investment and to encourage wider share of ownership and encourage growth with the competitive spirit, ownership will be now diffused. Earlier it was only majority government, now the government is one of the shareholders, not the major shareholders. So government will dispose some of its shareholdings and that is likely with the belief that this will encourage growth of the organization. So the politicized non-essential service means reduced role of political parties and thirdly the third learning objectives about the insurance regulatory development authority of India. Earlier as you all know there were only the general insurance companies New India Oriental like that and the life insurance corporation of India. Now that we see so many Max, Kotak Mohindra, Ferti Aksa, SGFC, number of players are there in the insurance industry that is highly deregulated now after 1991. So when after 1991 the insurance sector was liberated, the EDAAC was formulated in 1999 with the mission to protect the interests of policy holders, to regulate, promote and ensure orderly growth of the insurance industry and for matters concerned they are in their with or incidental they are to. So all the matters related with insurance industry, solidization of proposal like telling of the policies, designing of the policies, the coverage of the risk factors, giving service to the investors, giving service to the beneficiaries, to the policy holders, risk aspects, registration aspects, regulating insurance companies, the compliance norms, all these are covered in EDAAC so that the insurance sector can be regulated. So protecting policy holders interest, establishing norms for insurance intermediaries, the agents, specifying financial reporting norms, the kind of disclosures that the insurance companies will have to make and ensuring insurance coverage in rural areas. They are supposed to go for wider penetration in rural areas also. So these are the various aspects which are taken care of by the EDAAC and ultimately an authority was promulgated that is insurance regulatory and development authority. So all these are parts of the industrial policy regulations that our successive government have taken up so that the industrialization in the country is taken care of. Thank you.