Understanding the Indian economy

                                                                  Indian Economy

Understanding the Indian economy

3 types of world economy are seen 1) Capitalist 2) Socialist 3) Mixed Economy: India adopted a mixed economy since 1948 after independence. The market controls everything in capitalist terms. Due to demand and supply, prices of goods are determined. The product that the consumer is demanding from the product of the basic necessities is produced. The client is benefited by making competition in the economy and giving better value at a lower price. But there is no guarantee that basic things will get to everyone.
 This is different from the socialist economy, in which one of the top organizations of the government is controlling everything that focuses on the price of the government and the basic necessities. But this creates monopoly on the government and lowers the entrepreneur's efforts.
In India, there is a mixed economy, that is, by combining the good qualities of both the above types, the economy has been created. The journey of the Indian economy is being done by the mixed economy and the free economy. Although, in spite of this, the existence of both the economies of production and distribution shows that the capitalism route is being used to speed up the production, whereas distribution is still being done by socialist elements.

                                                              Sector of Economics

By Profession
By Ownership
Primary Sector
Public Sector
Secondary  Sector
Private Sector
Tertiary Sector
Joint Sector
Quaternary Sector

Quinary Sector

Primary sector:
This sector includes businesses related to natural resources. Agriculture, forestry, fisheries, mining and mineral production,

Secondary sector:
This sector mainly produces utility products by processing the resources of the primary sector. Includes factories, construction, power generation, natural gas and water supply.

Tertiary Sector:
 This sector includes various services which complement the primary and secondary sector. Includes business, transport, transport, conservation, administrative, social services.

Quaternary Sector:

This sector includes the use of high intellectual capacity in the sector. For Example  Research and development, information technology, software development etc.

Quinary Sector:

According to some experts, this sector is a part of the Quaternary sector. This includes the highest level of decision making process.

 Public Sector:

Public sector means a sector which has government ownership, control and control. The activities undertaken by the government come into play. For example, Railway, Doordarshan

Private Sector:

Sector which is owned or controlled by a private person or group of people. The objective of private industry is to achieve personal benefits.

Joint Sector:
The industries coming in this sector are of the government as well as the private series.

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