Question

why is india callled planned economy
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Answer 1

Answer:

India is known as the planned economy because it is a developing country and hence the investment of the capital good is done according to the production plans and the economy-wide economics.

Answer 2

Answer:

Why is India Called Planned Economy?

Explanation:

India embarked on a program, combining a non-aligned movement and a socialist, centrally planned economy. This program was seen as a compromise between the extremes of capitalism and communism, combining the better elements of the West's democratic framework with the economic planning of China and the USSR.