Basic characteristics and features of the Indian economy . - MAINS QUESTION - DAILY CURRENT AFFAIR QUESTIONS AND ANSWERS

Wednesday, August 26, 2020

Basic characteristics and features of the Indian economy .



A developing economy is an economy leading to the development. Though all the economies of the world fall into this category, the indicator is used to indicate an economy that is trying to move from a backward state to high growth. For example, India, China, Brazil, etc. are headed for development.

Basic features of the Indian economy as a developing economy-

The Indian economy has been a prosperous and developed economy since ancient times. In ancient and medieval India, the dealings with various countries were beneficial. But as soon as it came under British rule in the 18th century, the country became a true figure of poverty. The condition of the Indian economy was extremely pathetic at the time of independence. At the same time, under the leadership of  Pandit Nehru, the Indian economy started moving on the path of development from a planned search to a mixed economy, followed by a period of liberalization from 1991, making the present-day Indian economy the third-largest economy in the world and Its form is also changing from mixed economy to capitalist economy and developing economy to developed economy. Although the predominance of the Indian economy is inequality in the distribution of wealth and income, etc., it corresponds to an underdeveloped economy, but in the last few decades its rapid growth has started and he has given Prof. W. W. The third of the five stages of economic prosperity proposed by Rostov, ie "Tack of Self", was achieved by India only in 1952 and now the economy of the country is moving towards maturity. The following facts illustrate the developing nature of the Indian economy-

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