CURRENT AFFAIRS

Detailed explanation-1: -Indian Economics Association to kick off three-day annual conference on economics in Bengaluru | Cities News,The Indian Express.

Detailed explanation-2: -India was forced to open its economy in 1991 due to the balance of payment crisis.

Detailed explanation-3: -The Indian Economy was called an underdeveloped economy but slowly become a developing economy but is now referred to as the mixed economy.

Detailed explanation-4: -Ans. The Indian economy is known as an agro-based economy because 53% of its total population is dependent on agriculture. This 53% population contributes to almost 14% of the total GDP of the country.

Detailed explanation-5: -They are three sectors in the Indian economy, they are; primary economy, secondary economy, and tertiary economy. In terms of operations, the Indian economy is divided into organized and unorganized. While for ownership, it is divided into the public sector and the private sector.