Indian economy has come a long way since independence. From socialist pattern to liberalised era it , from being agrarian to service oriented economy it has seen many ups and downs. The basic features of Indian economy are enumerated as follows:
- India is a developing economy with low per capita income. Current Per capita income is 1.11 lakh per annum at constant prices.
- Indian economy is a mixed economy, both public and private sector are coexisting and Participating in the production process.
- It is characterised by high population density and high population growth rate. Current decadal growth rate is nearly 17%.
- There is high level of unemployment, underemployment and mal employment.
- The level of technology used in the production process is very low. Intensive agriculture and poor technology is hallmark of Indian Industries.
- India’s imports are greater than exports. Major export items are engineered goods, gems and jewelleries, handicrafts etc. India’s Current account mainly lies in deficit zone.
- Poverty is a major feature of Indian economy. Currently 22% of people live below poverty line which translate into nearly 25 crore people. India constitutes 2.4% of the world’s land but it supports near about 17% of the population which shows the pressure on resources.
- Under utilisation of resources due to low level of technology use.
- Structural problem in the economy :
- Above data clearly states the structural issues in our economy. They are also the cause of Income inequality.
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