What are the salient features of Indian economy?

What are the salient features of Indian economy?

Indian economy is termed as the developing economy of the world. Some features like low per capita income, higher population below poverty line, poor infrastructure, agriculture based economy and lower rate of capital formation, tagged it as a developing economy in the world.

What are the salient features of economic development?

An important characteristic of economic development is that better consumption of products and services will be reflected in a better quality of life, growing economies, expansion in the business industry and an improved standard of living of individuals.

Who wrote essay on Indian economy?

This book is a collection of twelve essays that have write-ups and speeches by the Indian scholar and social reformer, Mahadev Govind Ranade.

What are the main features of Indian economy at the time of independence?

Stagnant economy: There was very slow or no economic growth in the country. As a result of stagnation, there was unemployment, death, and suffering due to lack of food. 2. Backward economy: Indian economy was a backward and per capita income was very low and in India, it was just Rs.

What are the basic features and main problems of Indian economy?

Characteristics of the Indian Economy:

  • Low Per Capita Real Income:
  • High Rate of Population Growth:
  • The Endless Loop of Poverty:
  • Agro-Based Economy:
  • Overpopulation:
  • Incongruities in Income:
  • Destruction in Capital Formation:
  • Poor Infrastructural Development:

What are the features of economics?

The following are the characteristics of economic activities:

  • Wealth Producing Activities:
  • Satisfying Human Wants:
  • Money Income:
  • Developmental Activities:
  • Proper Allocation of Resources:
  • Optimum Use of Resources:

Which type of economy is India economy?

mixed economy
Today, India is considered a mixed economy: the private and public sectors co-exist and the country leverages international trade.

How many are the characteristics of Indian economy?

The following points highlight the top thirteen characteristics of the Indian economy. Some of the characteristics are: 1. Low per capita income 2. Excessive dependence of agriculture and primary producing 3.

What is the importance of Indian economy?

India’s Economy – Post 1991 to World Bank calculations based on purchasing power parity (PPP), India was rated as the world’s fifth largest economy in 1994 and it is expected to be the fourth largest economy in the world by about 2020, behind China, United States and Japan.

What were the salient features of Indian economy on the eve of independence?

On the eve of independence Indian economy was backward from industrial point of view there was deficiency of basic and heavy industries. Among heavy industries, there was Tata Iron and Steel industry. The production of machines in the country was negligible.

How many sectors are there in Indian economy?

three sectors
They are three sectors in the Indian economy, they are; primary economy, secondary economy, and tertiary economy. In terms of operations, the Indian economy is divided into organized and unorganized. While for ownership, it is divided into the public sector and the private sector.

Salient Features of Indian Economy. Indian economy is termed as the developing economy of the world. Some features like low per capita income, higher population below poverty line, poor infrastructure, agriculture based economy and lower rate of capital formation, tagged it as a developing economy in the world.

Which of the following features tagged India as a developing economy?

Some features like low per capita income, higher population below poverty line, poor infrastructure, agriculture based economy and lower rate of capital formation, tagged it as a developing economy in the world. Indian economy is termed as the developing economy of the world.

What are the features of agriculture based economy in India?

Agriculture Based Economy: Agriculture and allied sectors provide around 14.2% of Indian GDP while 53% of total Indian population is based on the agriculture sector. 3. Over population: in every decade Indian population get increased by about 20% .

Why is Indian economy called a developing economy?

Indian economy is termed as the developing economy of the world. Some features like low per capita income, higher population below poverty line, poor infrastructure, agriculture based economy and lower rate of capital formation, tagged it as a developing economy in the world. Indian economy is termed as the developing economy of the world.