Attempt thisÂ Nature and Characteristics of Indian Economy quiz and check how much you can score.Â The economic situation of India is the seventh-largest economic situation in the world gauged by nominal GDP and the third-largest by buying power parity (PPP). Early on at the outset itself, independent India chose to adopt a mixed approach instead of veering either towards an economy wholly determined by market forces or an economy wholly and only controlled by the state.
The Indian Constitution itself expresses the hope that India will function as a welfare state, and to do so would require state intervention. However, India did not wish to build a monopolistic economy either with no private players, and hence, a mixed approach was followed. Click here for quiz on Business Economics & Finance .
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