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Nature of Indian Economy Video Lecture | Business Economics for CA Foundation

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FAQs on Nature of Indian Economy Video Lecture - Business Economics for CA Foundation

1. What is the nature of the Indian economy?
Ans. The Indian economy is a mixed economy, characterized by the coexistence of both public and private sectors. It combines elements of a market economy, where the allocation of resources is driven by the forces of supply and demand, with elements of a planned economy, where the government intervenes to promote social welfare and economic growth.
2. What are the key sectors driving the Indian economy?
Ans. The Indian economy is driven by various sectors, including agriculture, manufacturing, and services. Agriculture plays a significant role by employing a large portion of the population and contributing to food security. The manufacturing sector contributes to industrial growth and exports, while the services sector, including IT, telecommunications, banking, and tourism, drives economic activity and employment.
3. How does the Indian economy contribute to global trade?
Ans. The Indian economy is an active participant in global trade. It exports a wide range of goods and services, including textiles, pharmaceuticals, IT services, and engineering goods. Additionally, India is a major importer of crude oil, gold, and electronics. The country has entered into numerous free trade agreements and has been actively involved in regional and international trade negotiations.
4. What are the major challenges faced by the Indian economy?
Ans. The Indian economy faces several challenges, including income inequality, unemployment, infrastructure deficiencies, and a high dependency on agriculture. Inflation and fiscal deficit management are also significant concerns. Additionally, the economy needs to address issues related to corruption, bureaucratic red tape, and regulatory complexities to foster a more conducive business environment.
5. How has the Indian economy been impacted by recent global economic trends?
Ans. Like many other economies, the Indian economy has been affected by recent global economic trends. The COVID-19 pandemic, for instance, has led to disruptions in supply chains, reduced consumer spending, and a contraction in GDP growth. However, the Indian government has implemented various measures such as fiscal stimulus packages and structural reforms to revive the economy and promote sustainable growth.
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