Question

What are the features of mixed economy?

Answer 1

ANSWER

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Features of mixed economy are as follows :-

1.Co-existence of private and public sectors :-

The concept of mixed economy presupposes two sectors, viz, the public sector under which all basic and heavy industries and other strategic sectors of the economy like banking,transport and other are fully controlled and maintained by the state.

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2.Economic Planning :-

Another important feature of a mixed economy is that it is characterised by economic planning.Both the sectors are required to bring about a balanced growth if the economy.

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3.Greater of Social Welfare :-

Promotion of social welfare is the basic objective of a mixed economy.The government makes conscious efforts to promote the welfare of the entire community.

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Answer 2

Answer:

The features of mixed economy are as follows:

(1) The spheres of activities of the private sector and the public sector are clearly demarcated.

There is private ownership in agriculture, trade and consumer industries. The key areas of the economy such as railways, heavy industries, defence industries, generation and supply of electricity, atomic energy are in the public sector.

(2) The public sector industries are owned and managed by the state.

(3) The activities of the private sector are regulated by the state. It is also known as regulated or controlled economy.

(4) There is a central planning machinery such as planning commission ( now Niti Ayog ) in India which takes decisions regarding economic policies.