GENERAL KNOWLEDGE

Detailed explanation-1: -In 1991, India began to loosen its economic restrictions and an increased level of liberalization led to growth in the country’s private sector. Today, India is considered a mixed economy: the private and public sectors co-exist and the country leverages international trade.

Detailed explanation-2: -India officially adopted mixed economic policy through Industrial policy resolution 1948.

Detailed explanation-3: -India’s economy encompasses traditional village farming, industrial-scale agriculture, handicrafts, and a wide range of modern industries. With a well-educated English-speaking population, India is a major exporter of information technology services, business outsourcing services, and software workers.

Detailed explanation-4: -The term was coined by Pat Mullins and it was supported by JM Keynes. Indian economy is a mixed economy as well as an agrarian economy, means after seven decades of independence the majority of its population’s workforce is agriculture-dependent.