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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 Mi...
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Indian economy

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ECONOMY • ECONOMY is the financial condition of the different  Sectors of the country . • The study of economy of any country helps us in finding out the financial condition of the population  as well as the economy. It also helps in comparing   the economy condition of two different countries . ECONOMIC   GROWTH • It may be defined as a state of expansion that can  move an underdeveloped country from a near subsistence mode of living to substantially higher  levels over a period  of time. ECONOMIC DEVELOPMENT •Till the 1960s, economic development was often used as a synonym of economic growth with change, which refers to the  qualitative change in the economy. These change are in the form of improvement in the level of living, reduction in inequality, rise in efficiency and improvement in technique. click here  for more details https://en.m.wikipedia.org/wiki/Economy_of_India Thank you.
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NATIONAL INCOME OF INDIA

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NATIONAL   INCOME   AGGREGATES • GROSS NATIONAL PRODUCT (GNP) GNP  refers to the money value of total output of production of final goods and services produced by the national of a country during a given period of time, generally a  year.  • GROSS DOMESTIC PRODUCT(GDP) It is the total money value of all final goods and services produced within the geographical boundaries of the country during a given period of time. • GROSS VALUE ADDED(GVA) It is a measure of the value of good and services produced in an area, industry or sector of an economy. In national accounts, GVA is output minus intermediate consumption, It is a balancing item of the national accounts production account. • PERSONAL DISPOSABLE INCOME(PDI ) •when personal direct texes are subtracted form personal income, the obtained v alue is called personal disposable income. Thank you.
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