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: -A mixed economic system is a system that combines aspects of both capitalism and socialism. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims.

Detailed explanation-3: -India officially adopted mixed economic policy through Industrial policy resolution 1948. 2. After inclusion of Socialism in Preamble, India changed its stance to Socialist Economy.

Detailed explanation-4: -#1 – Partial State Control – The ownership of factors of production. #2 – Total Government Control – The state directly influences the functioning of the entities. #3 – Public-Private Control – There is a joint venture.