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India Economic

In: Business and Management

Submitted By matkool
Words 275
Pages 2
Part A
QUESTION 1 a) Identify India’s economic system during 1947 to 1990

-Mixed economy system that are combination of Capitalist and Socialist economy

b) Based on the case study, describe the following i) India’s current economic system.

* India's mixed economy combines features of both capitalist market economy and the socialist command economy, but has shifted more towards the former over the past decade. The public sector generally covers areas which are deemed too important or not profitable enough to leave to the market, including such services as the railways and postal system. Since independence, there have been phases of nationalizing such areas as banking and more recently of privatization. One of the famous privatization is heavy industry followed by agricultural industry.

ii) India’s current political system.

* It is world's biggest democracy but actually if we observe there is still dynasty rule. There is a big ditch between rich and poor - rich are getting richer and poor poorer. Most of the politicians are corrupt. Because of middle class apathy and indifference, there is no hope for improvement in political situation.

iii) Describe environmental scanning.

* The gathering of large amount of information to measure and study the changes in the environment is called environmental scanning. The environment scanning is taken into business scenario. It is very important for any business to get the latest information about the environment to keep his business steady and stable. In large and small organization the environmental scanning is must. The environmental scanning as the point of business is the businesses have to look what is going around them whether the market is saturating, is there need for product innovation....

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