Economic System in India

Abstract

Economic system in India is surrounded by primary sector, secondary sector and service sector. Our economic system in India is influenced by mainly agriculture and allied activities.  Our economic system was influenced by the social and spiritual point of view that was ‘’ Sarve Janah Sukhino Bhavantu’’.

Our economic system in India was influenced by the socialism, as well as mixed economic system.  But even though,  it was  dominated by agriculture,  animal  husbandry,  allied activities and  still the much importance is given  to  production  and manufacturing industries.

Now in the modern era, our economic system   is influenced by science, technology internet, media and communication.  Now due to emergence of globalization, privatization, liberalization, the world is becoming to small global village.

The economic system in India is heavily depends upon social system because it also depend upon the life style of the people. The economic system also influences the life style of the people.