The correct answer is (c) Mixed Economy.
A mixed economy is an economic system that combines elements of both capitalism and socialism. In a mixed economy, some economic activity is controlled by the government, while other economic activity is controlled by private individuals and businesses.
India has a mixed economy. The government owns and operates some key industries, such as oil and gas, electricity, and telecommunications. However, the private sector also plays a major role in the Indian economy. Private businesses are involved in a wide range of industries, including manufacturing, agriculture, and services.
The Indian government has been gradually privatizing some state-owned enterprises in recent years. However, the government still plays a significant role in the Indian economy.
The main advantage of a mixed economy is that it allows for the efficient allocation of resources. The government can use its resources to invest in infrastructure and education, which can help to promote economic growth. The private sector can also play a role in investing in new businesses and creating jobs.
However, there are also some disadvantages to a mixed economy. One disadvantage is that it can lead to corruption. When the government is involved in the economy, there is a greater risk of corruption. Another disadvantage is that it can be difficult to coordinate economic policy. When there are both public and private sectors, it can be difficult to get everyone to agree on the best course of action.
Overall, a mixed economy is a system that has both advantages and disadvantages. It is important to weigh the pros and cons of a mixed economy before deciding whether or not it is the best system for a particular country.
Here is a brief explanation of each option:
(a) Liberal Economy: A liberal economy is an economic system that is based on the principles of free market capitalism. In a liberal economy, the government plays a limited role in the economy, and businesses are free to operate without government interference.
(b) Socialist Economy: A socialist economy is an economic system that is based on the principles of socialism. In a socialist economy, the government owns and controls most of the means of production, and economic activity is planned by the government.
(d) None of the above: This option is not correct because the Indian economy is a mixed economy.