SSC
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What type of an economy does India have?
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Mixed
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Market
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Command
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Traditional
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Explanation:
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.
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