GENERAL KNOWLEDGE

Detailed explanation-1: -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: -Indian economy is a mixed economy. A mixed economy can be defined as a market system which entails features from both the capitalist economy as well as socialist economy. Decisions in a mixed economy are jointly taken by both the private as well as public sector.