The Indian economy can be most appropriately described as a ______ economy.
-
A.
Mixed
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B.
Capitalist
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C.
Traditional
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D.
Socialist
Correct Answer:
A. Mixed
Explanation:
The Indian economy is defined as a mixed economy because it integrates elements of both capitalism and socialism. In this system, the private sector operates freely to drive innovation and competition, while the government maintains control over strategic sectors like defense and railways to ensure social welfare. This dual approach allows for a market-driven economy that is simultaneously guided by state planning and regulation to address issues like poverty and infrastructure development.
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