Question

What are the characteristics of the
Indian economy?​

Answer 1

Explanation:

The economy of India is characterised as a developing market economy. It is the world's fifth-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 139th by GDP and 118th by GDP in 2018.

Answer 2

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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.

Explanation:

These characteristics were: (i) High rates of growth per capita output and population. (ii) High rates of increase in total factor of productivity (TFP) i.e. the output per unit of all inputs. (iii) High rates of structural transformation of the economy.