what are the characteristic of the India economy
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2. 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.
3. 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.
4. Income Disparities: a report released by Credit Suisse revealed that the richest 1% Indians owned 53% of the country’s wealth, while the share of the top 10% was 76.30%. To put it differently, in a manner that conveys the political economy of this stunning statistic, 90% of India owns less than a quarter of the country’s wealth.
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.
6. Backwardness of Infrastructural Development: As per an recent study, 25% of Indian families don’t have reach of electricity and 97 million peoples don’t have reach of safe drinking water and 840 million people in India don't have sanitation services. India needs 100 million dollar for infrastructural development upto 2025.
7. Market Imperfections: Indian economy doesn’t have good mobility from one place to other which hinders the optimum utilization of resources. These market imperfections create the fluctuations in the price of commodities every year.
8. 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. 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.
4. Income Disparities: a report released by Credit Suisse revealed that the richest 1% Indians owned 53% of the country’s wealth, while the share of the top 10% was 76.30%. To put it differently, in a manner that conveys the political economy of this stunning statistic, 90% of India owns less than a quarter of the country’s wealth.
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.
6. Backwardness of Infrastructural Development: As per an recent study, 25% of Indian families don’t have reach of electricity and 97 million peoples don’t have reach of safe drinking water and 840 million people in India don't have sanitation services. India needs 100 million dollar for infrastructural development upto 2025.
7. Market Imperfections: Indian economy doesn’t have good mobility from one place to other which hinders the optimum utilization of resources. These market imperfections create the fluctuations in the price of commodities every year.
8. 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.
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