Three Types Of Economic System In India

The wealth and resources of a country or region, in terms of the production and consumption of goods and services is an economy. There are three types of economic systems: Planned economic system, Market economic system and mixed economic system.

Just after independence, the newly formed government of India neither had sufficient resources nor the estimate of potential resources. So, the efficiency i.e. property of getting more from scarce resources, had to be improved since the beginning. Capitalism being profit centered depicts a greater efficiency.

But on the other hand, there lied a major chunk of population that was oppressed, down trodden and underprivileged. It was quite apparent that the equality i.e. uniform distribution of economic

Ranked second after China in total population, which is growing by 20% per decade, excess population is leading to problems that include food shortages, sanitation deterioration and pollution. The living standards of most citizens are not changing. Clean drinking water is in short supply, and severe water shortages are common. Around 60% of India 's GDP is lost to health-related costs. New Delhi and other cities in India are among the most polluted in the world, and car emissions in these urban areas are creating breathing and skin ailments. Out of a population of 1.259 billion, only 502.1 million people constitute as the labor force (54.7%). India also exports goods worth $477.1 billion, while it imports goods worth $609.9 billion, making a loss of $132.8 billion. Public transportation and roadways have not kept pace with population growth. Housing, sanitation and power facilities are inadequate. The education infrastructure is backward, as over 280 million adults are illiterate. Many children do not attend school at all and instead begin working before reaching their teen years. India’s health care infrastructure is also abysmal, ranking 112th of 190 countries. More than 70% of the population has limited or no access to health care services. India lags behind the modern world in many ways. Over 50% of the population is still involved in agriculture, which is an extraordinarily high

There also has been a large scale promotion of rain water harvesting systems by the government. To balance India’s trade balance the "Make in India" initiative and low fuel prices, initiated by the government will manage our trade balance in near future. In the capital of India, a new law has been applied, called the ‘odd and even’ law. On alternate days, cars with either odd or even numbers will be allowed to be driven. This reduced the pollution caused by vehicles by 21.6%. To address the transportation problem, the government of India has built Roads which are straight, wider so as to accommodate the variety of vehicles that flow in. Traffic signals which work properly are also under construction. Town buses have been built separate lanes to avoid taking the routes which are narrow and might cause traffic. Use of Public transport and the use of metro-trains are also being encouraged. Education in rural India is a big factor due to which India is not progressing at a faster rate. The government has started building new schools in the rural part of India. Teachers are also being given more education on how to teach properly. Many non-profit organizations have been started such as ‘teach India’ and ‘Save the children NGO’ have been started, which provide free education to students. Now, India has a huge hold on its service sector, as 50% of India’s