Explanation:

- Option 1: Communist:

- An economic system where the state owns and controls all resources and enterprises.

- Emphasizes collective ownership and planned economy.

- Option 2: Capitalist:

- Private individuals and businesses own and operate the means of production.

- Relies on free markets and competition.

- Option 3: Mixed:

- Combines elements of both capitalism and socialism.

- Government and private sectors jointly influence the economy.

- Encourages private investment alongside government interventions.

- Correct Answer as Indian economy is characterized by both private sector freedom and government regulations.

- Option 4: Socialist:

- Emphasizes equal distribution of wealth and resources.

- Can include public ownership but isn’t as strict as communism.