GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Gandhian System
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Socialist System
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Capitalist System
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Mixed Economy System
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Detailed explanation-1: -Planned economy in India is based on socialist system. Planned economy of India can be characterized by social ownership and democratic control of the means of production, direct public ownership etc., which are the attributes of socialist economy. SSC CPO SI Marks Released on 10th January 2023.
Detailed explanation-2: -The economy of India has transitioned from a mixed planned economy to a mixed middle-income developing social market economy with notable state participation in strategic sectors. It is the world’s fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP).
Detailed explanation-3: -What Type of Economy is India? 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: -Central planning allows the government to marshal society’s resources for goals that might not be achieved by market forces alone. Central planning is commonly associated with socialist or communist forms of government.