Growth and development

Economic and social issues (RBI)

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Indian Economy - Understanding the basics of Indian economic system

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An underdeveloped economy is characterized by

High per capita real income

Large proportion of labor force in the tertiary sector

State of deprivation of large proportion of population

All the above

Explanation:

An underdeveloped economy is one in which the per-capita income and the standard of living of the people are low. According to the World Development Report 2011, economies having $995 or less are considered to be underdeveloped economies.They are also known as developing economies as they are passing through a phase of development and growth.

By: Barka Mirza

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