ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -India officially adopted mixed economic policy through Industrial policy resolution 1948.

Detailed explanation-2: -India allows market forces to decide the price and also in some areas government interferes like in necessary goods and decides the prices to protect the interest of poor people. That’s why, India’s economy is called a mixed economy. Was this answer helpful?

Detailed explanation-3: -b) After independence, India adopted the system of mixed economy where both the private and public sectors co-exist and contribute to the development of the nation.

Detailed explanation-4: -Adam Smith is known as the father of the mixed economy.

Detailed explanation-5: -India officially adopted mixed economic policy through Industrial policy resolution 1948. 2. After inclusion of Socialism in Preamble, India changed its stance to Socialist Economy.