The following points highlight the top thirteen characteristics of the Indian economy.
What are the basic characteristics of Indian Economy? Article shared by Indian economy is an under developed economy in which Agriculture is the back bone of Indian economic.
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. Low per capita income: Under developed economy is characterized by low per capital income. India per capital income is very low as compared to the advanced countries.
For example the capital income of India was dollar, in Where as their capita income of U. A in was 83 times than India.
This trend of difference of per capita income between under developed and advanced countries is gradually increasing in present times. India not only the per capita income is low but also the income is unequally distributed.
The Indian economy is facing the problem population explosion. It is clearly evident from the total population of India which was It is the second highest populated country China being the first.
All the under developed countries are characterized by high birth rate which stimulates the growth of population; the fast rate of growth of population necessitates a higher rate of economic growth to maintain the same standard of living. The failure to sustain the living standard makes the poor and under developed countries poor and under developed.
Occupational distribution of population in India clearly reflects the backwardness of the economy. There is larger unemployed and under employment is another important feature of Indian economy.
In under developed countries labor is an abundant factor. It is not possible to provide gainful employment the entire population. There deficiency of capital formation.
Low Rate of Capital Formation: In backward economics like India, the rate of capital formation is also low. The lever of technology is a common factor in under developed economy.
India economy also suffers from this typical feature of technological backwardness. The techniques applied in agriculture industries milling and other economic fields are primitive in nature.
Back ward Institutional and social frame work: The social and institutional frame work in under developed countries like India is hopelessly backward, which is a strong obstacle to any change in the form of production.
Moreover religious institutions such as caste system, joint family universal marriage affects the economic life of the people. Under utilization of Resources: India is a poor land. So our people remain economically backwards for the lack of utilization of resources of the country.
Price instability is also a basis feature of Indian economy.Salient features of Indian economy? Poverty is the vicious problems of developing economy due to poverty there is low income, lesser investment, lesser product in and the result is the poverty.
Indian economy is an under developed economy in which Agriculture is the back bone of Indian economic.
Section 2: Indian Economy at Independence 1. “Indian economy on the eve of independence showed all signs of an underdeveloped economy." Explain with the help of basic statistics such as GNP per capita, poverty, life expectancy, literacy etc.
Features of Indian Economy – 20 Points Category: Economy of India On November 22, By Sehba Indian economy bags the seventh position among the other . The following points highlight the top thirteen characteristics of the Indian economy. Some of the characteristics are: alphabetnyc.com per capita income alphabetnyc.comive dependence of agriculture and primary producing 3.
High rate of population growth 4. Existence of .