Question

explain why india's economy is called 'a mixed economy " describe different sectors of indian ecomy

Answer 1

India's economy called mixed economy due to its source of income are all three sector primary, secondary and tertiary
In India tertiary sector is main source of income it serves about 45percent of Indian economy while others two are not well developed

Answer 2

India's economy is called a mixed economy because;

• An economic system that incorporates both capitalistic and socialistic aspects is called a mixed economy.
• In India, there is freedom for private sectors and ownerships at the same time also contribute and interfere in their activities whenever required for the benefit of the public.
• There is economic freedom but also constant government monitoring and this is why India's economy is called a mixed economy.
• Private sectors have the authority to decide the prices of the goods, but for the benefit of the poor people, the government interferes to decide the prices of necessary goods.

Different sectors of the Indian economy;

Primary sector

• This sector directly relies on natural resources.
• Agriculture, fisheries, dairy, forestry, and mining belong to this sector.
• The agricultural sector has been the major contributor to Indian economy.

Secondary sector

• This sector relies on the products of the primary sector.
• It uses the raw material for manufacturing goods and providing services.
• Industries and transportation are the top contributors to the Indian economy.

Tertiary sector

• It is also known as the service sector.
• This sector mainly focuses on the people and aims at providing them with the necessary services.
• Doctors, teachers, and individuals providing personal services belong to this sector.