Question

Discuss the difference between developing and developed economy. Do you think that India is a developing economy? Give reasons in support of your answer.

Answer 1

Explanation:

A developing country, also called a less-developed country, is a nation with a lower living standard, underdeveloped industrial base, and low Human Development Index (HDI) relative to other countries. ... A developed economy refers to a country with a relatively high level of economic growth and security.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.