Question

Answer in brief.

What are the characteristics of the Indian economy.



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Answer 1

Answer:

Indian economy is termed as the developing economy of the world. Some features like low per capita income, higher population below poverty line, poor infrastructure, agriculture based economy and lower rate of capital formation, tagged it as a developing economy in the world.

Low per capita income: Indian per capita income is very low and is $720 per year as estimated by World Bank. Characteristic No. 2: Excessive dependence of agriculture as a primary product.

Answer 2

Answer:

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What are the characteristics of the Indian economy.

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⇒Characteristic No. 1 :

Low per capita income: Indian per capita income is very low and is $720 per year as estimated by World Bank.

⇒Characteristic No. 2:

Excessive dependence of agriculture as a primary product.

Agricultural labour is the highest work force in our country at about 58%.

⇒Characteristic No.3:

High rate of population growth: Increase rate of population growth is very high at about 49 per 1000 which is a major cause of underdevelopment.

⇒Characteristic No. 4.

Existence of chronic unemployment and under-employment:

Growth of Unemployment is fearful in India. It increased from about 7 % to 8% during 1999-2000 to 2004-2005.

⇒Characteristic No. 5.:

Poor rate of capital formation: Capital availability rate is very poor in India.

⇒Characteristic No.6.

Inequality in the distribution of wealth: Uneven or mal distribution of wealth is very pronouncing.

⇒Characteristic No 7:

Low level of technology: Application of technology in very poor. Obsolete technology instead of advance technology being adopted.

⇒Characteristic No. 8.

Under-utilisation of natural resources:

⇒Characteristic No.9.

Lack of infrastructure: Infrasture development is very poor.

⇒Characteristic No. 10

Low level of living:

⇒Characteristic No.11.

Poor quality of human capital:

⇒Characteristic No. 12.

Demographic characteristics:

⇒Characteristic No. 13.

Inadequate development of economic organisation:

Explanation: