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Question
What are the characteristics of the Indian economy?
Solution
The Indian economy is a developing economy, and this is owed to the fact that there are extremely high levels of poverty, unemployment, illiteracy, etc. in India. With a suddenly diminishing Gross Domestic Product (GDP) to add to the various problems faced by the Indian economy, there are a lot of factors that contribute to the nature and characteristics of the Indian economy being a developing economy.
The characteristics of the Indian Economy are listed below:
- modernisation of the economy.
- economic self-sufficiency.
- social justice.
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