Q. 55.0( 1 Vote )
What changes have
The following points highlight the changes that have taken place in the nature and structure of the Indian economy.
1. Earlier India was a predominantly agriculture nation. Over the years the other two sectors - the secondary sector and the tertiary sector have seen considerable improvement.
2. India is a mixed economy. Both the private and public sector are responsible for providing employment and revenue to the economy.
3. The share of export and import has increased considerably to 2.5% and 1.7% as per the latest WTO estimate.
4. The growth rate of India was quite stagnant up till 1980. Later India's economy was inspired by Soviet Union post-independence practices. This lead to an increase in the growth rate of India.
5. In 1991 the Indian government realized that it is extremely important for the local economy to be a part of the Global market. It introduced the LPG scheme or the liberalization privatization globalization scheme.
6. Currently, India is on the path of becoming one of the most developing economies of the world because its share of agriculture in total GDP is decreasing along with an increase in the service sector.
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