Economy in India January 30, 2015. Type of Economy in India India is a mixed economy They have a blend of all three types: market, traditional, and.

Economy in IndiaJanuary 30, 2015

Type of Economy in India

India is a mixed economy They have a blend of all three types: market, traditional, and

command India began loosening government control of some of it’s

industries in the 1990s That allowed for the growth of entrepreneurship, especially

small, local businesses India’s middle class is also growing because of the economy’s

movement towards a market-type There is also a strong agriculture industry, which brings in a

more traditional-type economy

Farming

About half of India’s 1 billion people work in agriculture or farming. Many are using farming techniques that have not been changed for

centuries, such a plowing with animals and hand-planting the seeds In the 1960s, India’s government tried to modernize the agriculture

industry This was called the Green Revolution

They brought in new types of seeds and other farm equipment They also made pesticides and fertilizer more widely available However, the fertilizers and pesticides led towards pollution of

India’s rivers Many farmers also stopped using the new farm equipment because

it was very expensive

Technology and Service Industries

India now leads the South Asian region in the growth of technology and service industries

It is one of the world’s top ten industrial nations India has invested heavily in human capital and its education system in

the past several decadesThis has allowed people to get jobs in the sciences, computers,

industry, and research There is a booming electronics business: computers, software,

televisions, and other products are made there Thousands of people are employed in a service industry of some type

These companies handle technology questions, airline reservations, and retail sales for customers around the world

Capital Goods

Because of India’s booming technology industries, the country has invested heavily in capital goods

The government has put an enormous amount of money into investing in these capital goods

New equipment for the agriculture industry was purchased in the 1960s

India’s cities are home to some of the world’s most advanced communications and computer technology on the Asian continent

Arts in India’s Economy

One of the largest film industries in the world is located in India

This industry, called Bollywood films, is extremely popular across Asia with some films becoming popular in the U.S. and Europe as well

This has also contributed to India’s growing middle class because people are able to get jobs working in this industry

Other economic activities

Coal is one of India’s most important natural resourcesA natural resource is something that is found in the

environment Water, trees, oil, and minerals are examples of natural

resources It is an important fuel and energy source for the country,

but it contributes to the air pollution issue There are some oil deposits, but not enough for India to

export it to make moneyMost of the oil found in India is used within the country

Questions

1. Which of the types of economies is India a blend of? 2. What allowed for the growth of entrepreneurship in India? 3. Why is India’s middle class growing? 4. Why can parts of India’s economy still be classified as traditional? 5. How much of India’s population work in agriculture? 6. What was the Green Revolution? 7. What did the Green Revolution do for India’s agriculture industry? 8. Why did many of India’s farmers stop using the new farm

equipment?

More Questions…

9. What does India lead the South Asian region in? 10. What has India’s investment in human capital allowed the people to

do? 11. What type of electronic products are made there? 12. What do people who work in service industries do? 13. Why has India invested heavily in capital goods? 14. What is the name of India’s film industry? 15. How has the film industry contributed to the growth of the middle

class? 16. What is one of India’s most important natural resources? 17. What is a natural resource?