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Question
Explain the following statement with reason.
Independent India opted for mixed economy.
Answer in Brief
Solution
- Our Prime Minister Pandit Nehru adopted the middle path rather than taking recourse to any extremes. A mixed economy also naturally tends to give priority to the national interest.
- Long-term development is stressed with priority. Thus, India adopted the mixed economy model.
- Priority was given in this policy to control the influence of heavy industries, industrial families and foreign industries and remove the imbalance in regional development.
- In this economy, the public, private and joint sectors are working together.
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Mixed Economy
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Chapter 1.04: Economic Development - Exercises [Page 22]
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