take a developed country such as USA and developing country such as India analyse the main characteristics of these economics in very detail
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Answer: The basic characteristics of India as a developing economy are:
Low per capita income
Occupational pattern – primary producing
Heavy population pressure
Prevalence of chronic unemployment and under-employment
Need for a steady improvement in the rate of capital formation
Inequal distribution of wealth and/or assets
Poor quality of human capital
Prevalence of low levels of technology
Low level of living of an average Indian
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