Why is the mixed economy adopted in India?
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Explanation:
The coexistence of large public sector with big private sector has transformed the economy into a mixed one. Industrial policies of 1948 and 1956 formulated by the Indian government have made the provision of such coexistence. Some basic and heavy industries are being run under the public sector.
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India adopted mixed economy
Explanation:
- The mixed economy in India was selected according to the second five-year program.
- Before Independence, India had a 'laissez-faire' marketplace but with the enlightenment of this program, it converted mixed.
- The significant purpose of this program was to optimize the country's economic development in the long-drawn run.
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