INDIAN HISTORY

Detailed explanation-1: -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. However, they do not operate freely; instead, they are controlled by different mechanisms, i.e. policies implemented by Governments.

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.