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Mixed Economy: India Video Lecture | Famous Books for UPSC Exam (Summary & Tests)
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FAQs on Mixed Economy: India Video Lecture - Famous Books for UPSC Exam (Summary & Tests)
| 1. What is a mixed economy? |  |
Ans. A mixed economy is an economic system that combines elements of both capitalism and socialism. It involves a combination of private and state ownership of resources and means of production. In a mixed economy, the government plays a significant role in regulating and controlling certain industries, while allowing others to operate under market forces.
| 2. How does India have a mixed economy? | |
Ans. India has a mixed economy primarily because it combines both private and public ownership of resources and means of production. The country has a large private sector that operates under market forces, while the government also plays a crucial role by owning and operating key industries such as defense, energy, and telecommunications. Additionally, the government implements various regulations and policies to ensure social welfare and reduce income inequality.
| 3. What are the advantages of a mixed economy in India? | |
Ans. A mixed economy in India has several advantages. Firstly, it allows for economic growth and innovation through private enterprise while ensuring social welfare through government intervention. Secondly, it provides a balance between market forces and government control, which helps in maintaining stability and reducing extreme income disparities. Lastly, a mixed economy allows for the government to implement policies for inclusive development, promote employment, and address the needs of marginalized sections of society.
| 4. How does a mixed economy impact businesses in India? | |
Ans. In a mixed economy like India, businesses operate under a combination of market forces and government regulations. While businesses have the freedom to operate and compete in the market, they are also subject to government policies and regulations. This can impact businesses in terms of compliance costs, bureaucracy, and sometimes limited autonomy. However, the mixed economy also provides opportunities for businesses to benefit from government support, infrastructure development, and access to a large consumer base.
| 5. How does the mixed economy in India support social welfare programs? | |
Ans. The mixed economy in India supports social welfare programs through government intervention and public ownership of key industries. The government collects taxes from the private sector and utilizes these funds to implement various social welfare schemes such as healthcare, education, poverty alleviation, and rural development. Additionally, the government also regulates certain industries to ensure affordable access to essential goods and services for all sections of society. This combination of private enterprise and government intervention helps in promoting social welfare in India.
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