what is mixed economy? why did india decide to stay as a mixed economy?
Answers
Answer:
The term ‘mixed economy’ is used to describe an economic system, such as that found in India, which seeks to compromise between capitalism and socialism. In such a form of economy, the elements of government control are combined with market elements in organising production and consumption.
Here, some planning of production is undertaken by the State directly or through its nationalised industries, and some is left to private enterprise. It means that both the socialistic sector (i.e., the public sector) and the capitalistic sector (i.e., the private sector) exist side by side and complement each other.
Answer:
Answer:
The term ‘mixed economy’ is used to describe an economic system, such as that found in India, which seeks to compromise between capitalism and socialism. In such a form of economy, the elements of government control are combined with market elements in organising production and consumption.
Here, some planning of production is undertaken by the State directly or through its nationalised industries, and some is left to private enterprise. It means that both the socialistic sector (i.e., the public sector) and the capitalistic sector (i.e., the private sector) exist side by side and complement each other.
Explanation: