explain the definition of economic given by Indian economic
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Answer:
CHARACTERISTICS OF INDIAN ECONOMY - SHORTCUT
i) Mixed economy: India has mixed economy with a large public sector. It is the principle feature of Indian economy which differentiates it from other economies of the world.
ii) Federal economy: It implies that the Governmental economic activities and institutions operate at two levels- at central level and at state level. For eg. railways, post, etc. come under the state.
iii) Underdeveloped or developing character: We have all features of an undeveloped economy such as low per capita income and widespread poverty; economic inequalities; unemployment; low level of technology, etc.
iv) Progressive character: A number of things suggest the progressive character of Indian economy such as the development of basic industries ( Iron and steel, fertilisers, etc.) improvement in education, health, etc.
v) Dual character: Indian economy encompasses the features of both types of economies- underdeveloped as well as progressive.
MEANING AND DEFINITION OF ECONOMIC SYSTEM - DEFINITION
The meaning of the economic system refers to the role or model of distribution and production which take place in the society.
The economic system may either be simple or complex. It may adopt either a 'capitalistic' or 'socialistic' system or may be a 'mixed' one (as is in our country). The economy itself may be predominantly agricultural or industrial.