“India is a mixed economy, with elements of both market and socialist economies. Explain.

Q) “India is a mixed economy, with elements of both market and socialist economies. Explain. (10 marks, 150 words)

भारत एक मिश्रित अर्थव्यवस्था है, जिसमें बाजार और समाजवादी दोनों अर्थव्यवस्थाओं के तत्व मौजूद हैं। स्पष्ट कीजिये।“

Demand of the Question– The question demands understanding of basic economical ideologies and Indian concept of mixed economy.

Directive Word– Explain- This keyword demands describing the details of both ideologies and how it relates to the Indian economy.

Structure of the Answer

Intro- Start by stating what are the characteristics of a mixed economy as in the case of India.

Body- In two separate parts, list and explain the elements of market and socialist economies. And in the second part, explain which and how the above elements are present in the Indian mixed economy.

Conclusion- State the importance and the reasons why the Indian economy is a mixed economy.

Part of Syllabus– GS paper 3- Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment

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