Short Notes on the Features of Indian Economy

(a) Indian economy is basically an agricultural economy. More than 60% of the population is engaged in agriculture and allied activities.

(b) Low per capita income is the second feature of Indian economy. It is one of the lowest in the world.

(c) The occupational structure has not been changed during the last 100 years. In 1950-51 about 73% of the workers were engaged in primary activities, 11% in secondary and 16% in tertiary activities. In 1999-2000 the share of different sectors in employment amounted to 60%, 17% and 23% respectively.

(d) Inequality of income and wealth is other important feature of Indian economy. In India the main resources are concentrated in the hands of the few people. 40% of the total assets is concentrated in the hands of top 20 percent people.

(e) There has been remarkable improvement in social sectors such as education, health, housing, water supply, civic amenities etc.

(f) Planning process is also an important feature. As the government has adopted planned developmental economy. Five years plans are framed for economic development.