Indian economy is considered a mixed economy. Mixed economy is characterised by?

Solution

A mixed economy is defined as an economic system consisting of a mixture of either markets and economic planning, public ownership and private ownership, or markets and economic interventionism. However, in most cases, "mixed economy" refers to market economies with strong regulatory oversight and governmental provision of public goods, although some mixed economies also feature a number of state-run enterprises. In general, a mixed economy is characterized by a pragmatic division of the means of production between private ownership and public ownership.