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: -What Type of Economy Is India? India has a mixed economy. Half of India’s workers rely on agriculture, the signature of a traditional economy. 10 One-third of its workers are employed by the services industry, which contributes two-thirds of India’s economic output.

Detailed explanation-3: -A mixed economy is an economy organized with some free-market elements and some socialistic elements, which lies on a continuum somewhere between pure capitalism and pure socialism.