GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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General poverty
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Significance of industrial sector
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Low growth of population
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Use of higher production techniques and skills
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Detailed explanation-1: -However, there is a set of common characteristics of underdeveloped economies such as low per capita income, low levels of living, high rate of population growth, illiteracy, technical backwardness, capital deficiency, dependence on backward agriculture, high level of unemployment, unfavourable institutions and so on.
Detailed explanation-2: -It is characterized by outdated technology, unemployment, low per capita income. Among the given options low growth rate of population is not a characteristic of under developed economy. Indonesia, Iran and India are examples of Developing Economy.
Detailed explanation-3: -An underdeveloped economy means that have low per capita income, a high rate of unemployment, a high growth rate of the population, low rate of production and there is also a difference between the rich and the poor. According to the United Nations HDI 2020 below are the top 5 underdeveloped countries: Niger.
Detailed explanation-4: -Inadequate technology & capital. Low saving rates. Dual economy. Varying dependence on international trade. Rapid population growth (1.6% to DCs’ 0.1% yearly) Low literacy & school enrollment rates. Unskilled labor force. Poorly developed institutions.