Question

In recent years the Indian economy has been characterised as a ____________.

• A. developed economy
• B. developing economy
• C. backward economy
• D. none of the above

Answer 1

The correct option is B developing economy

The economy of India is characterized as an increasing the market economy. It is the world's fifth-largest financial system by nominal GDP and the third-largest by purchasing power parity (PPP).

Almost 60% of India's GDP is determined by household private consumption and continues to remain the world's sixth-largest consumer market.

A developing economy is not something that can be easily defined, but it basically means an economy that is not as advanced as the rest of the world. Birthrates, death-rates, life expectancy, education, and a country's level of the industry are all factors. So are disease, malnutrition, or long-term fighting.

The correct answer is B.