4. The Indian Economy: A Study
The Indian economy is characterized as a developing mixed economy where public and private sectors coexist, primarily agriculture-based, with expanding industrial and service sectors. Key features include a large and diverse population, significant unemployment and poverty levels, and an evolving economic framework directed towards improving living standards and economic growth through various sectors.
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What we have learnt
- The Indian economy comprises agriculture, industry, and services sectors, each contributing differently to GDP and employment.
- Challenges faced by the Indian economy include population pressure, unemployment, infrastructure deficits, and poverty.
- Government interventions are critical through planning, public sector undertakings, and welfare schemes aimed at economic regulation and support.
Key Concepts
- -- Mixed Economy
- An economic system combining public and private enterprise, where the government plays a significant role in regulating key industries while private businesses operate freely.
- -- Primary Sector
- The sector involving natural resource extraction and agriculture, primarily responsible for raw materials.
- -- GDP (Gross Domestic Product)
- A monetary measure that represents the market value of all final goods and services produced in a country during a specific period.
- -- Welfare Schemes
- Government programs designed to support citizens in need, including employment and food subsidies.
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