Characteristics of Indian Economy as an Underdeveloped Economy: -
October 2nd, 2010
India is an underdeveloped economy. Its is a vast country having an area of 3.3 million sq. km. It has almost 5,76,000 villages. The population of India is widely scattered over villages and towns.
Nearly 75% of the population lives in rural & semi urban areas, while the rest lives in towns. There is doubt that the bulk of its population lives in conditions of misery.
Poverty is not only acute but is also a chronic malady in India. At the same time, there exist unutilized natural resources.
It is, therefore, quite important to understand the basic characteristics of the Indian economy, treating it as one of the underdeveloped but developing economies of the world.
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