(2) What are the characteristics of the
Indian economy?
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Main characteristics are-
Usually, income level is used in the determination of the overall well-being and happiness of a country and its citizens.
Therefore, it is one of the important basic characteristics of the Indian Economy. Income of an economy is generally measured through the Gross Domestic Product or GDP.
There was an increase-decrease cycle in the manufacturing sector.
The GDP of the economy grew from 3.9% (during 1950-51 to 1980-81) to 7.6% (during 2004-05 to 2013-14).
Both the manufacturing and agricultural sectors were roadblocks in the overall growth.
The fast-growing service sector was the principal driver of the economy.
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