In my opinion it is the best economy for a democratic country like India. Cambridge University Press, Their struggles may take months, or even years, to adjust to the new surrounds in order to find a stable job.
The industrial development was, therefore, sustained at a higher level. The government makes provision for the employees for housing, education, minimum wages, good working conditions, etc. The government directs economic activity in some socially important areas of the economy, the rest being left to the price mechanism to operate.
In the financial sector, several decisions were taken for the development of economy. Industrial policies of and formulated by the Indian government have made the provision of such coexistence.
Nordic Welfare States in the European Context. Subsequently, the policy of discriminating protection where certain important industries were given financial protection by the statecoupled with the Second World War, saw the development and dispersal of industries, encouraging rural—urban migration, and in particular the large port cities of BombayCalcutta and Madras grew rapidly.
However, at the end of colonial rule, India inherited an economy that was one of the poorest in the developing world,  with industrial development stalled, agriculture unable to feed a rapidly growing population, a largely illiterate and unskilled labour force, and extremely inadequate infrastructure.
There is profit motive that drives the organisers of these factors of production. People argued that if the Stalinist Soviet empire, where the state controlled everything, showed socialism in action, then socialism was not worth having.
These industries now account for more than fifty percent of the industrial production. Craig, Edward June Besides finance commission, other economic commissions are set up by the central government time to time to look after the parity of resources distribution among the states.
However, it should be kept in mind that in the present era of globalisation, the country has to adopt a liberalised policy for expansion of business including exports.
Some basic and heavy industries are being run under the public sector. India has around million people living in metropolitan areas. Until none of these industries were denationalized. The basic objectives of these plans are summarized as: Tariff and Tax Legislation" pg.
It is also a dualistic economy both modern industry and traditional agricultural activities exist side by side. Low inflow of Foreign Capital:The economy of India is a developing mixed economy. Indian economic policy after independence was influenced by the colonial experience, which was seen as exploitative by Indian leaders exposed to British social democracy and the planned economy of the Soviet Union.
Urbanization in India began to accelerate after independence, due to the country's adoption of a mixed economy, which gave rise to the development of the private sector.
Urbanisation is taking place at a faster rate in India. India as a mixed economy has made rapid strides during about sixty years after independence. Millions of people who were living below the poverty line have been uplifted. This has become possible because the government took the basic industries like mining, quarrying, iron and steel, heavy electricals, nuclear energy in its hand because they.
Mixed Economic System in India: Characteristics, Merits and Demerits. Characteristic of Mixed Economy in India ; Capitalist Economic System of India: Characteristics, Merits and Demerits Mixed Economy. Capitalist Economic System of India: Characteristics, Merits and Demerits. Unemployment in India: Types, Measurement and Causes.
No. A mixed economy is variously defined as an economic system blending elements of market economies with elements of planned economies, free markets with state interventionism, or private enterprise with public enterprise.
There is not only one definition of a mixed economy. India accepted the policy of mixed economy after independence. InIndia declared itself a mixed economy for the very first time through the Industrial Policy Statement & it was later confirmed by the Industrial Policy Statements of the years& others.Download