Is privatization necessary for economic development?

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now a day in less develop country privatization is going on and those country where privatization occure ,claim that it necessary for economic development and they are selling out thier nationalize industries in to private owners. Is it not harm full for economy in my point of view no dobut due to privatization economy activities accelerate but government should not privatize all thier nationalize industries at least the ownership of the white elephant of the economy should in government hands because of privatization inflation rate of the economy increases because the only aim of the investers to increase profit more over we have the exampleof china totaly planned economy and servive sholder to sholder Amrica now you take decision whether privatization is necessory foe economy or economy can accelerate without privatization ???