India's economy was for decades based loosely on:
Correct answer: D. socialism and state control of large large industries but on private capitalism in agriculture and consumer goods
- A. capitalism, allowing private enterprise to dictate the rise and fall of major industries
- B. Marxist values and central control of all means of production
- C. socialism and state control of agriculture and consumer goods, but private capitalism for large industries
- D. socialism and state control of large large industries but on private capitalism in agriculture and consumer goods
Explanation
India followed a mixed economic model: the state controlled major industries, while agriculture and consumer goods retained substantial private-sector activity. This was neither complete Marxist central planning nor unrestricted capitalism.
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