exaplain any two characteristics of indian economy on the basis of of which you can say that indian economy is a mixed economy.
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Coexistence of Public and Private Sectors
The coexistence of large public sector with big private sector has transformed the economy into a mixed one. Industrial policies of 1948 and 1956 formulated by the Indian government have made the provision of such coexistence. Some basic and heavy industries are being run under the public sector. However, with the liberalisation of Indian economy, the scope of private sector has further enhanced.
(ii) Planned Development:
India had a poor industrial base at the time of Independence. A long period of economic stagnation under British rule had weakened the Indian Economy. Hence 5-year plans have been adjusted along with the Directive Principles of State Policy to rebuild the rural economy and lay foundations of industrial and scientific progress.
The coexistence of large public sector with big private sector has transformed the economy into a mixed one. Industrial policies of 1948 and 1956 formulated by the Indian government have made the provision of such coexistence. Some basic and heavy industries are being run under the public sector. However, with the liberalisation of Indian economy, the scope of private sector has further enhanced.
(ii) Planned Development:
India had a poor industrial base at the time of Independence. A long period of economic stagnation under British rule had weakened the Indian Economy. Hence 5-year plans have been adjusted along with the Directive Principles of State Policy to rebuild the rural economy and lay foundations of industrial and scientific progress.
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