INDIAN ECONOMY

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 Outline of Indian Economy:-

The economy of India is the 5th fifth largest in the world 🌎 by nominal GDP and 3rd largest by Purchasing Power Pariety (PPP).

Nature of the Indian Economy;- 

(i) Mixed Economy: Existence of both Public and Private sectors. This term was coined Pat Mullins and supported by JM Keynes.

(ii) Agrarian Economy: Even after six decades of Independence of the workforce of India is still agriculturist and its contribution to GDP is around 17% at the current prices.

Features:-

Followings are the features of the Indian Economy-

(i) Slow growth of national and per capita income. (ii) Capital deficiency and the low rate of capital formation, and hence low rate of investment and low production, etc; are the poor quality of human capital (iii) Unequal distribution of income and wealth.