india has a socialist economy.
india has a socialist economy.
what kind of economy does the india have?
socialist
economy of india









































the economy of india is a developing mixed economy. it is the world's seventh-largest economy by nominal gdp and the third-largest by purchasing power parity (ppp). the country ranks 139th in per capita gdp (nominal) and 119th in per capita gdp (ppp) . after the 1991 economic liberalisation, india achieved 6-7% average gdp growth annually. since 2014, india's economy has been the world's fastest growing major economy, surpassing china.
economy of india
the socialist-oriented market economy is neither socialist nor capitalist, but it is socialist-oriented. the communist party rejects the view that a market economy has to be capitalist. according to the party, "a socialist market-oriented economy is a multi-sectoral commodity economy, which operates in accordance with market mechanisms and a socialist orientation". according to nguyễn phú trọng, "[i]t is a new type of market economy in the history of the market economy’s development. it is a kind of economic organization which abides by market economy rules but is based on, led by, and governed by the principles and nature of socialism reflected in its three aspectsownership, organization, and distributionfor the goal of a prosperous people in a strong nation characterized by democracy, fairness, and civilization". there are multiple forms of ownership in a socialist-oriented market economy. economic sectors operate in accordance with the law and are equal under the law in the interest of co-existence, cooperation and healthy competition. nguyễn phú trọng said: the state economy plays a key role; the collective economy is constantly consolidated and developed; the private economy is one of the driving forces of the collective economy; multiple ownership, especially joint-stock enterprises, is encouraged; the state and collective economies provide a firm foundation for the national economy. the relations of distribution ensure fairness, create momentum for growth, and operate a distribution mechanism based on work results, economic efficiency, contributions by other resources, and distribution through the social security and welfare system. the state manages the economy through laws, strategies, plans, policies, and mechanisms to steer, regulate, and stimulate socio-economic development.
communist party of vietnam