Question
Why is Indian economy regarded an under developed economy? State its basic characteristics.
Answer :
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Skip in 10
The Indian economy is regarded as an underdeveloped economy due to several structural, social, and economic factors that limit its growth and development compared to developed nations. One of the primary reasons is the low per capita income. Despite being one of the largest economies in terms of overall GDP, the income per individual in India remains relatively low, reflecting widespread poverty and limited access to basic amenities for a large portion of the population. High population growth further dilutes per capita income, making it difficult for resources to meet the needs of the people. Another key factor is the predominance of agriculture as the main source of livelihood. A significant percentage of India’s workforce is engaged in agriculture, which is largely subsistence-based and dependent on monsoon patterns, resulting in low productivity and income. The industrial sector,
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