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With reference to Indian economy which of the following statements is/are correct?
1. The production, distribution and supply of the goods and services are only owned by state.
2. India opted mixed economy after post-colonial rule
3. The value of all final goods and services produced within country during one year irrespective of produces is resident or non-resident is called GDP
Select the given code:-
Both 1 and 3
Both 2 and 3
Only 3
None of these
1st and 2nd statements are correct. India is a mixed economy combining features of both capitalist market economies and socialist command economies during 8th FYP (1992-1997).
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