Which type of economy is Indian economy Mcq?
The Indian economy that was known as an underdeveloped economy has now become a developing economy. However, it is described as a mixed economy.
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Is industry the backbone of Indian economy?
The manufacturing sector is considered as the backbone of the economic development of the country because of the following reasons: (1) Manufacturing sector helps in modernising agriculture which increases agricultural productivity. (2) The export of manufactured goods expands trade and commerce.
Which sector is the backbone of Indian economy and why?
Terming the MSME sector as the backbone of the Indian economy, Gadkari said the sector contributes around 30 per cent of the country’s GDP and provides employment to over 10 crore people.
Which sector is called the backbone of economy?
Manufacturing sector is considered the backbone of economic development because: (i)Manufacturing industries not only help in modernising agriculture, which forms the backbone of our economy, they also reduce the heavy dependence of people on agricultural income by providing them jobs in secondary and tertiary sectors.
What is economics Mcq?
Economics is a study of the usage of resources and how we can make those resources valuable under distinct captivity. It involves an intense study of production, distribution, and consumption of goods and services. … Some important MCQs on economics are given to analyse your understanding of the topic.
What is the rank of Indian economy in the world Mcq?
Currently, India is the 5th largest economy in the world.
Which sector is called the backbone of Indian economy class 10?
The MSME sector is and regarded as the backbone of the Indian economy.
Which form is backbone of India?
Agriculture still forms the backbone of the Indian economy, despite concerted efforts towards industrialization in the last thirty years after independence. Agriculture contributes a high share of net domestic product by sectors in India (40.6 per cent in 1976-77).
What forms the backbone of an economy?
Yes, resources form the backbone of the economy of a nation. If any country has fertile land then its main economic activity would be agriculture. … This is how resources form the backbone of the economy of a nation.