2.India is a A. Socialist economy B. Capitalist Economy C. Mixed Economy D. Communist economy
Question
India is a
A. Socialist economy
B. Capitalist Economy
C. Mixed Economy
D. Communist economy
Solution
Understanding India's Economy
India's economy is best described as a Mixed Economy. This means that it incorporates elements of both socialism and capitalism.
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Socialist Features: The government plays a significant role in regulating and controlling key industries. It focuses on reducing inequality and providing a safety net for the marginalized sections of society through various welfare programs.
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Capitalist Features: India also encourages private enterprise and foreign investment, allowing the market to operate in many sectors. This fosters competition and drives innovation.
In summary, India's economic structure is a blend of both government control and free-market principles, leading to greater economic diversity and resilience.
Final Answer
C. Mixed Economy
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