What are the basic characteristic of Indian Economy ?
Indian economy is an under developed economy in which Agriculture is the back bone of Indian economic. 60% of India’s population are on the below poverty line. Mineral resources are not fully utilized. We are selling iron ore by trucks and getting blades by packets. Majority of the people of India are leading a poverty line. Indian economic is affected by it. Countries which are on the part of progress and which have their potential for development are called developing economic. So India is termed as developing economic by modern views.
The important features of Indian economic:
- Low per capita income
- Heavy population pressure
- pre-dominance of Agriculture
- low rate of Capital Formation
- Poor Technology
- Back ward Institutional and social frame work
- Under utilization of Resources
- Price instability