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Identify the economic system of India overall

Identify the economic system of India overall

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Answer #1

India is mixed economic system with coexistence of market and planned economy. However, it is going towards to free market economy. There are certain sectors which are strictly under govt. control. Eg. Railways, defense equipments, atomic energy etc.

Since 1947-1991 India was a planned economy in which govt. decided what , how and for whom to produce. Since 1991, India has followed liberalization and privatization which is ultimately leading to globalization.

Now, India has opened its economy to foreign companies in almost sectors except a few mentioned above.

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