Q. India adopted the ‘mixed economy’ model after independence. Which of the following is correct about ‘mixed economy’?
Answer: It is an economic system where private and public both sectors co-exist and operate.
Notes: An economy in which there is both the private sector and the Government is known as a mixed economy. A mixed economy is variously defined as an economic system blending elements of market economies with elements of planned economies, free markets with state interventionism, or private enterprise with public enterprise.