Main characteristics of Indian Economy are;
1. AGRARIAN ECONOMY
In an Agrarian economy, agriculture dominates in both the Gross National Product(GNP) and employment. More than half of India's working population is engaged in agriculture.
2. MIXED ECONOMY
It is an economy, where both public and private sector co-exist. The nature of Indian economy is a mixed economy.The term was coined by J M KEYNES. India opted for 'Mixed economy' in the industrial policy of 1948.
3. DEVELOPING ECONOMY
Following are the features which shows that India is developing economy:
- Low per capita income
- Heavy population pressure
- Low capita per head
- Unequal distribution of wealth/assets.
1. AGRARIAN ECONOMY
In an Agrarian economy, agriculture dominates in both the Gross National Product(GNP) and employment. More than half of India's working population is engaged in agriculture.
2. MIXED ECONOMY
It is an economy, where both public and private sector co-exist. The nature of Indian economy is a mixed economy.The term was coined by J M KEYNES. India opted for 'Mixed economy' in the industrial policy of 1948.
3. DEVELOPING ECONOMY
Following are the features which shows that India is developing economy:
- Low per capita income
- Heavy population pressure
- Low capita per head
- Unequal distribution of wealth/assets.
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