Type of economy and broad sectors

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CHARACTERISTICS OF INDIAN
ECONOMY

-Main characteristics of Indian economy are.

•Agrarian Economy In an agrarian or primary economy, agricultural dominance prevails in both the GDP and employment.

 •MIXED ECONOMY It is an economy where both public and private sector co-exist. The nature of Indian economy is a mixed economy, coined by Pat Mullins.
But JM Keynes' economy supported the mixed economy, which is guided operated by the government.

 •DEVELOPING  ECONOMY  following features show that Indian economy is a developing economy
(a) Low per capita income
(b) Heavy population pressure
(c) prevalence of chronic unemployment and underemployment
(d) Steadily improving rate of capital formation
(e) Low human development indicators.

                  

BROAD SECTORS OF INDIAN ECONOMY

•Primary sector Agriculture, forestry, fishing etc.  

•Secondary sector Mining, manufacturing, electricity, gas and water supply, construction etc.

 •Tertiary sector Business transport, telecommunication, banking, insurance, real estate, community and personnel services etc.


Thank you.

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