Question

explain any two characteristics of Indian economy on the basis of which you can say that Indian economic is a mixed economy?

Answer 1

Hey!

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I begin with a definition of Mixed Economy-

“Mixed economy is that economy in which both government and private individuals exercise economic control.” (Murad)

Now Let us see some important features .

1. Private and Public Sector go side by side or you can say co-exist. In India you would find public sector undertakings like BHEL as well as Private ownerships like Reliance Industries

2. Economic Planning is a major feature of Indian Economy with famous five year plans since 1951. But this planning system has been discontinued by the present Govt (19 May, 2018)


3. Price mechanism to control pricing. India has system of regulating prices in the benefit of the poor or wherever be the conditions arise.

4. Development with social welfare is the basis of economic governance.

5. Govt also tries to restrict monopoly if entrepreneurs via meams of legislation or other administrative measures.


Note: You can say that a mixed -economy is a good blend of capitalist and and a socialist Economy.

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