Every economy in the world has its own characteristics by which it is known or identified as developed or developing economy. Inthr light of this statement explain the following features of indiqn economy.
1. Low level of per capital income and
2. High level of capital formation.
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Low level per Capita income
Per capita income doesn't include an individuals savings or wealth. For example, a wealthy person might have a low annual income from not working but draws from savings to maintain a high-quality standard of living.
High level per Capita income
Capital formation is a term used to describe the net capital accumulation during an accounting period for a particular country. ... Generally, the higher the capital formation of an economy, the faster an economy can grow its aggregate income.
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