What are the factors affecting Indian economy?

This economic environment is influenced by the economic factors like— population and manpower resources, natural resources and its utilization, capital formation and accumulation, capital output ratio, occupational structure, external resources, extent of the market, investing pattern, technological advancement.

What are 6 factors that affect economies?

Future prospects

  • 1 Demographic trends and challenges.
  • 2 Migration.
  • 3 Technology, industrialization, and labour replacement.
  • 4 Future of work.
  • 5 Social development, education, and health.
  • 6 Income and wealth inequalities.

Is India’s economy free?

India’s economic freedom score is 53.9, making its economy the 131st freest in the 2022 Index. India is ranked 27th among 39 countries in the Asia–Pacific region, and its overall score is below the regional and world averages.

What factors affect the economy the most?

5 Factors that Affect the Economic Growth of a Country

  • Meaning of Economic Growth:
  • Following are some of the important factors that affect the economic growth of a country:
  • (a) Human Resource:
  • (b) Natural Resources:
  • (c) Capital Formation:
  • (d) Technological Development:
  • (e) Social and Political Factors:

What are factors affecting economic development?

A) Economic Factors in Economic Development:

  • 1) Capital Formation:
  • 2) Natural Resources:
  • 3) Marketable Surplus of Agriculture:
  • 4) Conditions in Foreign Trade:
  • 5) Economic System:
  • 1) Human Resources:
  • 2) Technical Know-How and General Education:
  • 3) Political Freedom:

What are the 4 factors affecting the economy?

Economists generally agree that economic development and growth are influenced by four factors: human resources, physical capital, natural resources and technology. Highly developed countries have governments that focus on these areas.

What are the 7 economic factors?

Key factors are available land at reasonable costs, high plantation yields, well-developed plantation practices, a skilled labour force, strong research backing, the existence of a viable market, and a strong supporting infrastructure to ensure cost-effective delivery to markets.

Which system is called free economic?

Answer: The free market is an economic system based on supply and demand with little or no government control. Free markets are characterized by a spontaneous and decentralized order of arrangements through which individuals make economic decisions.

What are the factors affecting economic development?

Economists generally agree that economic development and growth are influenced by four factors: human resources, physical capital, natural resources and technology.