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  1. India is an underdeveloped economy.
  2. The main features of an underdeveloped economy include:
i) Low per capita income,
ii) Large population,
iii) Mass poverty,
iv) Unemployment,
v) Predominance of agriculture, 
vi) Backward technology,
vii) Poor quality of human capital,
viii) Inequalities in the distribution of income,
ix) Low rate of capital formation,
x) Underdeveloped infrastructure, etc.
  1. As a developing economy, India has exhibited the following developments:
i) increase in national and per capita income,
ii) increase in the rate of capital formation,
iii) increase in food grains production,
iv) rapid industrialization,
v) technological advancement,
vi) development of infrastructure,
vii) growth of foreign trade,
viii) improvement of human capital etc.,
  1. An economy in which both public and private sectors co-exist is called a mixed economy.
  2. The major features of a mixed economy include:
i) existence of public and private sectors,
ii) economic planning,
iii) categorization of industries between public and private sectors,
iv) dual pricing,
v) freedom of initiative, etc.
  1. Instruments of mixed economy in India include:
i) Industrial Policy Resolutions,
ii) Land Reforms,
iii) Nationalisation of banks and some other business,
iv) Subsidies to food, fertilizers, export, etc.
v) establishment of PSEs.

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