Answer in 25-30 words: (1) What are the characteristics of the Indian economy history chapter 2
Answers
Q1. What are the Characteristics of the Indian Economy?
Ans. To put it in a nutshell, the following are the basic characteristics of the Indian economy:
→Low per capita real income or a low individual purchasing power in the country, which lies at 1.35 lakh rupees as of 2019-20.
→A high rate of population growth with a population of 1.38 billion and growing.
→A very high rate of unemployment, underemployment, and disguised unemployment in all sectors of the economy.
→High dependence on the primary sector due to the underdevelopment of the tertiary and secondary sectors (about 70% of India’s population still works mainly in agriculture).
→The never-ending vicious circle of poverty affects most of India’s population.
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Answer:
In order to understand the Indian Economic landscape, it is important to make note of some of the basic characteristics of India as a developing economy. These are as follows:
- Low Per Capita Income (PCI)
- Occupational Pattern
- Population Pattern
- Chronic Unemployment and Under Employment
- Inequity in capital distribution