Q. Which of the following is / are correct statements regarding the Mixed Economy? Mixed economy combines the features of both capitalist and socialist market India is an excellent example of mixed economy Select the correct option from the codes given below:
Answer: Both 1 & 2
Notes:

1. Mixed economy combines the features of both capitalist and socialist markets: This statement is correct. A mixed economy incorporates elements of both capitalism and socialism. In a mixed economy, there is a private sector where individuals and businesses can own and operate enterprises for profit (capitalism). Simultaneously, there is a public sector where the government plays a role in owning or controlling certain industries and providing social services (socialism). The balance between these two sectors can vary from one mixed economy to another, with some countries leaning more towards capitalism and others more towards socialism.
2. India is an excellent example of a mixed economy: This statement is also correct. India is often cited as a prime example of a mixed economy. In India, you can find a robust private sector consisting of various industries and businesses, both large and small, operating for profit. At the same time, the Indian government is actively involved in various sectors, including education, healthcare, transportation, and telecommunications. The government also regulates many aspects of the economy, and it implements policies aimed at social welfare and economic development. India's mixed economy approach has evolved over the years, with a focus on striking a balance between market-driven growth and social welfare.

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