Highlight the Characteristics of Indian economy.

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 :

 

SectorGDP Contribution(%)Employment
Agriculture17.3242.74
Industry29.0223.79
Service53.6642.74

 

 

  • Above data clearly states the structural issues in our economy. They are also the cause of Income inequality.

Note: Students may upload their answers of type their querries below or contact the program cordinator at shresth@pscnotes.com

Hope we have satisfied your need for HPSC Prelims and Mains Preparation

Kindly review us to serve even better


HPSC Mains Test Series 2020

20 Quality mock tests and GS Mains Notes

Mains Test Series and Notes

Mains Printed Notes (With COD)


HPSC Prelims Test Series 2020

24 Quality mock tests and GS Prelims Notes

Prelims Test Series and Notes

Prelims Printed Notes (With COD)

[jetpack_subscription_form title=”Subscribe to HPSC Notes” subscribe_text=”Never Miss any HPSC important update!” subscribe_button=”Sign Me Up” show_subscribers_total=”1″]

error: Content is protected !!