Examine the merits of a mixed economics system in the context of India
Solution:
Merits of a Mixed Economic system in the context of India -
i. It combines the merits of both the market economy and the centrally-planned economy and avoids the negative aspects.
ii. It ensures greater individual freedom, such as freedom of consumption, freedom to choose an occupation, freedom of enterprise and freedom of expression.
iii. It allows use of the price mechanism while ensuring social welfare.
iv. It aims at reducing inequality in the distribution of income and wealth.
v. In the developing economies alike India, the mixed economic pattern accelerates economic development
Merits of a Mixed Economic system in the context of India -
i. It combines the merits of both the market economy and the centrally-planned economy and avoids the negative aspects.
ii. It ensures greater individual freedom, such as freedom of consumption, freedom to choose an occupation, freedom of enterprise and freedom of expression.
iii. It allows use of the price mechanism while ensuring social welfare.
iv. It aims at reducing inequality in the distribution of income and wealth.
v. In the developing economies alike India, the mixed economic pattern accelerates economic development