Take a developed country such as the USA and a developing country such
as India. Analyse the main characteristics of these economies.
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Answers
The characteristic of developed nations: (USA)
High standard of living.
Most of the GDP came from the industry sector.
High GDP per capita.
Low corruption.
Mainly urban citizens.
Advanced public transportation.
Low poverty.
Low number of homelessness.
Characteristics of Developing nations :(India)
Low per capita real income. Low per capita real income is one of the most defining characteristics of developing economies. ...
High population growth rate/size. ...
High rates of unemployment. ...
Dependence on primary sector. ...
Dependence on exports of primary commodities.
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Answer:
Basic Characteristics of India as a Developing Economy
In order to understand the Indian Economic landscape, it is important to make note of some of the basic characteristics of India as a developing economy. These are as follows:
Low Per Capita Income (PCI)
According to the International Monetary Fund’s Report, in 2017, India’s PCI was $ 1983 and was ranked 140 out of 188 countries.
Further, according to the World Bank’s Report, in 2017, India’s PCI was $ 1940 and was ranked 138 out of 184 countries.
Therefore, we can conclude that the per capita income of an Indian resident is lower than most countries in the world.
Explanation:
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