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Question
Give an explanation:
India’s economy is of mixed type.
Answer in Brief
Solution
- In a mixed economy, public and private sectors exist at the same time or in the same place.
- They live in an agreement in spite of different beliefs or interests, a balance is maintained between profit and social welfare, all this is seen in the Indian economy hence India’s economy is a mixed type.
- In India, ownership and management of the means of production is divided between private industrialists and the government.
- Private sector industrialists strive to earn profits, while public sector strives for social welfare.
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Types of Economy
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