Explain the features of Indian economy
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Features of Indian Economy
1. India has a mixed economy
Indian economy is a true example of complete mixed economy. This means both private and public sectors co-exist and function here, simultaneously. On one side, some of the fundamental and heavy industrial units are being operated under the public sector. Whereas, due to the liberalization factors of the economy, the private sector has gained further enhancements in terms of scope. This makes it a perfect amalgamation of both public and private sectors being operated and supported under a single economic cloud.
2. Agriculture plays the key role in supporting the Indian economy
Agriculture being the maximum pursued occupation in Indian plays an important role in its economy as well. Around 70% of the occupational practice in India is covered by the farmers and other agricultural units. This gives a higher impact on the Indian economy, both directly and indirectly. In fact, about 30% of our GDP today is earned from the agricultural sector itself. Agricultural sector is thereby also called as the backbone of the Indian economy. It forms as a major component of livelihood for maximum people in India. The agricultural products being exported such as fruits, vegetables, spices, vegetable oils, tobacco, animal hair, etc. also add to the economic uphold with rise in the international trading.
3. Newly Industrialized Economy – good balance between agriculture and industrial sector
Indian economy has been a true holder of newly imbibed innovations in the formation of the country’s economy. Earlier agriculture used to be the prime contributor as industrialization was at a lower edge during the time. With the growing time, subsequently industrial took a high tide in the country making it a very important contributor to it. Well the Indian economy keeps both these in good balance. It amalgamates the agricultural outputs towards enhancing the industries and contributing to the growth of the economy, together.
I hope it will help you
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1. India has a mixed economy
Indian economy is a true example of complete mixed economy. This means both private and public sectors co-exist and function here, simultaneously. On one side, some of the fundamental and heavy industrial units are being operated under the public sector. Whereas, due to the liberalization factors of the economy, the private sector has gained further enhancements in terms of scope. This makes it a perfect amalgamation of both public and private sectors being operated and supported under a single economic cloud.
2. Agriculture plays the key role in supporting the Indian economy
Agriculture being the maximum pursued occupation in Indian plays an important role in its economy as well. Around 70% of the occupational practice in India is covered by the farmers and other agricultural units. This gives a higher impact on the Indian economy, both directly and indirectly. In fact, about 30% of our GDP today is earned from the agricultural sector itself. Agricultural sector is thereby also called as the backbone of the Indian economy. It forms as a major component of livelihood for maximum people in India. The agricultural products being exported such as fruits, vegetables, spices, vegetable oils, tobacco, animal hair, etc. also add to the economic uphold with rise in the international trading.
3. Newly Industrialized Economy – good balance between agriculture and industrial sector
Indian economy has been a true holder of newly imbibed innovations in the formation of the country’s economy. Earlier agriculture used to be the prime contributor as industrialization was at a lower edge during the time. With the growing time, subsequently industrial took a high tide in the country making it a very important contributor to it. Well the Indian economy keeps both these in good balance. It amalgamates the agricultural outputs towards enhancing the industries and contributing to the growth of the economy, together.
I hope it will help you
please mark my answer as an BRAINLIEST ANSWER
AnuragPatel:
Thanks geethika
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Indian economy bags the seventh position among the other strongest and largest economies among the world. Being one of the top listed countries among the developing countries in terms of industrialization and economic growth, India holds a robust stand with an average growth rate of approx 7%.
The Indian economy has emerged as a robust economic player among the economic giants like-US, UK, China, etc. Even though the rate of growth has been sustainable and comparatively stable, but there are still fair opportunities of growth.
With the growing standards and opportunities in India, it is expected to very soon capture a very dominant position among the others in the world. The characteristic features of India Economy is discussed below in details:
Features of Indian Economy
1. India has a mixed economy
Indian economy is a true example of complete mixed economy. This means both private and public sectors co-exist and function here, simultaneously. On one side, some of the fundamental and heavy industrial units are being operated under the public sector. Whereas, due to the liberalization factors of the economy, the private sector has gained further enhancements in terms of scope. This makes it a perfect amalgamation of both public and private sectors being operated and supported under a single economic cloud.
2. Agriculture plays the key role in supporting the Indian economy
Agriculture being the maximum pursued occupation in Indian plays an important role in its economy as well. Around 70% of the occupational practice in India is covered by the farmers and other agricultural units. This gives a higher impact on the Indian economy, both directly and indirectly. In fact, about 30% of our GDP today is earned from the agricultural sector itself. Agricultural sector is thereby also called as the backbone of the Indian economy. It forms as a major component of livelihood for maximum people in India. The agricultural products being exported such as fruits, vegetables, spices, vegetable oils, tobacco, animal hair, etc. also add to the economic uphold with rise in the international trading.
3. Newly Industrialized Economy – good balance between agriculture and industrial sector
Indian economy has been a true holder of newly imbibed innovations in the formation of the country’s economy. Earlier agriculture used to be the prime contributor as industrialization was at a lower edge during the time. With the growing time, subsequently industrial took a high tide in the country making it a very important contributor to it. Well the Indian economy keeps both these in good balance. It amalgamates the agricultural outputs towards enhancing the industries and contributing to the growth of the economy, together.
4. An Emerging Market
Being a developing country with great level of economic well-being, India has emerged as an emerging market for the other players. Holding a constant GDP rate even in the downfall situations, it has kept its position intact making it a lucrative spot for the other economies to invest. This has in turn also helped the Indian economy exist as a robust economy among the other leaders. India has a high potential with low investments and risk factors, this also makes it an emerging market for the world.
5. A Major Economy
Emerging as a top economic giant among the world economy, India bags the seventh position in terms of nominal Gross Domestic Product (GDP) and third in terms of Purchasing Power Parity (PPP). These figures are a representation of the Indian economy among the G20 countries. This is a clear indication of the robustness Indian economy has gained over decades and emerged as a major economy among the other leading economies on the globe.
6. Federal in Character
Bearing a federal character in the economy upholds, in India both the centre and state are economy growth drivers. They equally act as the operators of the economies at their own levels. In fact, the Indian constitution gives the clear permissions and guidelines to operate and regulate the economies and economic standard of living of the people both at the center and the state level, separately.
7. Fast Growing Economy
India’s economy is one of the world’s fastest growing economies on the globe. India’s economy has emerged as the world’s fastest growing economy in the last quarter of 2014 and has replaced the People’s Republic of China with a growth rate of approx 7%.
The Indian economy has emerged as a robust economic player among the economic giants like-US, UK, China, etc. Even though the rate of growth has been sustainable and comparatively stable, but there are still fair opportunities of growth.
With the growing standards and opportunities in India, it is expected to very soon capture a very dominant position among the others in the world. The characteristic features of India Economy is discussed below in details:
Features of Indian Economy
1. India has a mixed economy
Indian economy is a true example of complete mixed economy. This means both private and public sectors co-exist and function here, simultaneously. On one side, some of the fundamental and heavy industrial units are being operated under the public sector. Whereas, due to the liberalization factors of the economy, the private sector has gained further enhancements in terms of scope. This makes it a perfect amalgamation of both public and private sectors being operated and supported under a single economic cloud.
2. Agriculture plays the key role in supporting the Indian economy
Agriculture being the maximum pursued occupation in Indian plays an important role in its economy as well. Around 70% of the occupational practice in India is covered by the farmers and other agricultural units. This gives a higher impact on the Indian economy, both directly and indirectly. In fact, about 30% of our GDP today is earned from the agricultural sector itself. Agricultural sector is thereby also called as the backbone of the Indian economy. It forms as a major component of livelihood for maximum people in India. The agricultural products being exported such as fruits, vegetables, spices, vegetable oils, tobacco, animal hair, etc. also add to the economic uphold with rise in the international trading.
3. Newly Industrialized Economy – good balance between agriculture and industrial sector
Indian economy has been a true holder of newly imbibed innovations in the formation of the country’s economy. Earlier agriculture used to be the prime contributor as industrialization was at a lower edge during the time. With the growing time, subsequently industrial took a high tide in the country making it a very important contributor to it. Well the Indian economy keeps both these in good balance. It amalgamates the agricultural outputs towards enhancing the industries and contributing to the growth of the economy, together.
4. An Emerging Market
Being a developing country with great level of economic well-being, India has emerged as an emerging market for the other players. Holding a constant GDP rate even in the downfall situations, it has kept its position intact making it a lucrative spot for the other economies to invest. This has in turn also helped the Indian economy exist as a robust economy among the other leaders. India has a high potential with low investments and risk factors, this also makes it an emerging market for the world.
5. A Major Economy
Emerging as a top economic giant among the world economy, India bags the seventh position in terms of nominal Gross Domestic Product (GDP) and third in terms of Purchasing Power Parity (PPP). These figures are a representation of the Indian economy among the G20 countries. This is a clear indication of the robustness Indian economy has gained over decades and emerged as a major economy among the other leading economies on the globe.
6. Federal in Character
Bearing a federal character in the economy upholds, in India both the centre and state are economy growth drivers. They equally act as the operators of the economies at their own levels. In fact, the Indian constitution gives the clear permissions and guidelines to operate and regulate the economies and economic standard of living of the people both at the center and the state level, separately.
7. Fast Growing Economy
India’s economy is one of the world’s fastest growing economies on the globe. India’s economy has emerged as the world’s fastest growing economy in the last quarter of 2014 and has replaced the People’s Republic of China with a growth rate of approx 7%.
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ur wlcm
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