Question

explain the features of Indian economy​

Answer 1

Indian economy is termed as the developing economy of the world. Some features like low per capita income, higher population below poverty line, poor infrastructure, agriculture based economy and lower rate of capital formation, tagged it as a developing economy in the world.

Answer 2

HERE IS YOUR ANSWER
1. Agriculture Based Economy: Agriculture and allied sectors provide around 14.2% of Indian GDP while 53% of total Indian population is based on the agriculture sector.

2. Economy is Trapped in the Vicious Circle of Poverty: Prof. Ragner Nurkes says that ‘a country is poor because it is poor’. It means poor countries are trapped in the vicious circle of poverty.

3. Use of Outdated Technology: It is very clear that Indian production technique is more labour oriented in nature. So it increases the cost of production of the products made in these countries.

4. Over population: in every decade Indian population get increased by about 20% . During the 2001-11 population increased by 17.6%. Currently India is adding the total population of Australia every year. India is the possessor of around 17.5% population of the whole world.

5.Lack of Capital Formation: Rate of capital formation is low because of lower level of income. Gross domestic capital formation was 23.3% in 1993-94 increased upto the level os 38.1% in 2007-08 but declined upto 34.8% in 2012-13.


AND IF U FIND HELPFUL MARKED AS BRAINLIEST