Question

Why is India called planned economy? (40 to 60 words)

Answer 1

Answer:

In a planned economy the state or government guides the planning process.It may be imperative or indicative planning.In communist countries most of the economic activities are undertaken by state and come under imperative planning.The private sector is almost non-existant in these countries. Planned economics are usually associated with Soviet type central planning.

So,India is called planned economy.

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