Indian economy is the Seventh largest economy of the world. Being one of the top listed countries. In terms of industrialization and economic growth, India holds a robust position with an average growth rate of 7% (approximately).
Even though the rate of growth has been sustainable and comparatively stable, there are still signs of backwardness.
Features of a Developed Economy
1. High National Income
2. High Per Capita Income
3. High Standard of Living
4. Full Employment of Resources
5. Dominance of Industrial Sector
6. High Level of Technology
7. High Industrialisation
8. High ConsumptionLevel
9. High Level of Urbanisation
10. Smooth Economic Growth
11. Social Equity, Gender Equality and Low Levels of Poverty
12. Political Stability and Good Governance
The diametrically opposite features of Indian Economy are discussed below in detail.