Question

Indian economy is a developing economy. Justify this statement on the basis of changes that an economy experience with economic development.

Answer 1

Indian economy is underdeveloped, stagnant. It depreciated and has semi-feudal features with a clear dominance of agriculture, underutilized natural resources and heavy population pressure. Among other its typical features are: low levels of living, lack of social overhead capital, industrial backwardness, capital deficiency, income disparities, absence of enterprise and initiative.