ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A mixed economy is defined by the co-existence of a public and private sector. The specific mix between public and private can vary significantly from one mixed economy to another, however. Based on their respective natures, the private sector is subservient to the public sector.

Detailed explanation-2: -In a mixed economy, both public and private sectors own and produce goods and services. While private players participate in the production of goods and services, the government makes major decisions for the economy keeping social welfare in mind. This keeps a check on economic disparity.

Detailed explanation-3: -India has a mixed economy; therefore, public, as well as private entities, co-exist. This is as a result of adapting the industrial policies in 1948 and later in 1956.

Detailed explanation-4: -India is a mixed economy. Means of production are owned by both private and public sector. Thus, both private and public sectors exist side by side.