Question

Explain the strong features of Indian economy

Answer 1

1. India has a mixed economy: In India, both private and public sectors coexist.
2. Agriculture plays a key role: Around 60% of the people in India depend upon agriculture for their livelihood.
3. An emerging market: India has a high potential for prospective growth which attracts FDI and FII.
4. Emerging economy: As a result of rapid economic growth Indian economy has a place among the G20 countries.
5. Fast-growing economy: India has emerged as the world’s fastest-growing economy in 2016-17 with 7.1% GDP next to China.
6. Fast-growing service sector: The service sector, contributes a lion’s share of the GDP in India.
7. Large domestic consumption: Due to large domestic consumption the standard of living has considerably improved and lifestyle has changed.
8. paid growth of urban areas: Improved connectivity in transport and communication, education, and health have speeded up the pace of urbanization.
9. Stable macro economy: The current year’s economic survey represents the Indian economy to be a heaven of macroeconomic stability, resilience, and optimism.
10. Demographic dividend: India is a proud owner of the maximum percentage of youth. This has invited foreign investments to the country and outsourcing opportunities.