what are the characteristics of the Indian economy
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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.
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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.
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