what are the special characteristics of INDIAN Economy ?
Answers
Explanation:
Indian Economy: Characteristic # 1.
Low per capita income:
In India, the national income and per capita income is very low and it is considered as one of the basic features of underdevelopment. As per World Bank estimates, the per capita income of India stood at only $ 720 in 2005. Keeping aside a very few countries, this per capita income figure of India is the lowest in the world and it is even lower than China and Pakistan.
In 2005, the per capita income figure in Switzerland was nearly 76 times, in U.S.A. about 61 times, in Germany about 48 times and in Japan about 54 times the per capita income figure in India. Thus the standard of living of Indian people remained all along very low in comparison to that of developed countries of the world.
This disparity in the per capita income of India and other developed countries has registered a manifold increase during the last four decades (1960-2005).
Indian Economy: Characteristic # 2.
Excessive dependence of agriculture and primary producing:
Indian economy is characterised by too much dependence on agriculture and thus it is primary producing. Out of the total working population of our country, a very high proportion of it is engaged in agriculture and allied activities, which contributed a large share in the national income of our country.
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,a agricultural based economy and low rate of capital formation tagged it as developing economy.