what are the characteristic of the Indian economy
Answers
Answer:
India
Economy
The economy of India is characterised as a developing market economy. It is the world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity. According to the IMF, on a per capita income basis, India ranked 142nd by GDP and 124th by GDP in 2020.
Gross domestic product: 2.72 lakh crores USD (2018) World Bank
GDP growth rate: 6.8% annual change (2018) World Bank
Currency: Indian rupee
GNI per capita: 7,680 PPP dollars (2018) World Bank
GDP per capita: 2,009.98 USD (2018) World Bank
Internet users: 34.4% of the population (2017) World Bank
Gross national income: 10.39 lakh crores PPP dollars (2018) World Bank
Explanation:
The economy of India is characterised as a developing market economy.[40][41] It is the world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to the IMF, on a per capita income basis, India ranked 142nd by GDP (nominal) and 124th by GDP (PPP) in 2020.[42] From independence in 1947 until 1991, successive governments promoted protectionist economic policies with extensive state intervention and regulation which is characterised as Dirigism.[43][44] The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad program of economic liberalisation.[45][46] Since the start of the 21st century, annual average GDP growth has been 6% to 7%,[41] and from 2014 to 2018, India was the world's fastest growing major economy, surpassing China.[47][48] Historically, India was the largest economy in the world for most of the two millennia from the 1st until 19th century.
Answer:
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.Jul 5, 2016