GENERAL KNOWLEDGE

Detailed explanation-1: -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-2: -Indian economy is a mixed economy because here both private and public sector co-exist and both work under the general guidance of economic planning.

Detailed explanation-3: -India is a mixed economy moving towards capitalism. In a mixed economy, private and public sectors go side by side. Before Independence, the Indian economy was a ‘laissez-faire’ economy. But post-independence, she adopted the mixed economy system.