INDIAN HISTORY

Detailed explanation-1: -India allows market forces to decide the price and also in some areas government interferes like in necessary goods and decides the prices to protect the interest of poor people. That’s why, India’s economy is called a mixed economy.

Detailed explanation-2: -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-3: -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-4: -Merits of Mixed Economy: It leads to an increase in new opportunities and leads to the formation of capital within the country. Freedom: Citizens in a mixed economy can enjoy both economic and occupational freedom which exists in a capitalist system.

Detailed explanation-5: -The term was coined by Pat Mullins and it was supported by JM Keynes. Indian economy is a mixed economy as well as an agrarian economy, means after seven decades of independence the majority of its population’s workforce is agriculture-dependent.