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  • Generally an economy is considered backward if agriculture is the main occupation of people, population is growing at high rate, techniques of production are backward, incidence of unemployment and high rate of poverty.
  • If we observe Indian economy, we may conclude that Indian economy is under developed. But, if we observe the growth in national income, per-capita income, occupational structure, capital base, etc. we may say that India is a developing economy.
  • Priority to education has brought about tremendous changes in the economic structure of our country. At present there are about 35,500 colleges for general education and 7,000 colleges for professional education and more than 690 universities.
  • India follows mixed economy, where in the means of production are jointly owned by Private and Public sector simultaneously

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