Give an explanation:India’s economy is of mixed type. – InterviewSolution

1.	Give an explanation:India’s economy is of mixed type.
Answer» Mixed economy is a combination of Capitalism and Socialism. India is said to be a Mixed economy because there is a co-existence of both public and the private sectors. The private sector undertakes production for the profit motive, whereas the state tries to achieve social welfare. India, therefore, tries to achieve a balance between maximum social welfare for its citizens on one hand and profit on the other. Therefore, India’s economy is of Mixed type.

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