Dear readers, welcome to Awareness Adda. Myself Sudheer CEO of the Awareness Adda. Today we are going to discuss an Introduction of Indian Economy. This is one of the important topics for SSC, RRB.. etc.

What is Economy?

            An economy is the state of a country or region in terms of the production and consumption of goods and services and the supply of money.

What are the Types of Economic System?

            There are four primary types of economic systems in the world there are shown below.

  • Traditional.
  • Command.
  • Market.
  • Mixed.

            All these are the primary types of economic systems and each economy has its strengths and weaknesses. The economy is one of the strongest forces when it comes to balancing political, instigating was and delivering a high or low quality of life to the people it serves. All these 4 types of economic systems will be explained in next article.

INDIAN ECONOMY:

  • Before the advent of the British rule, India has a self-sufficient, Village based economic system pre-denominated by agriculture, and hand crafts.
  • The manufacturing industry was confined to making of agricultural tools and implements, utensils weapons and jewellery.
  • During the initial years after the conquest of Bengal, the East India Company did not have any consistent policy of colonialism.
  • When the Battle of Buxar in 1764 which formalised the colonial system of the company.
  • The combined forces of the Nawab of Bengal, Nawab of Oudh and the Titular Mughal Emperor were defeated by the Company forces at Buxar.
  • The Company now obtained from the Mogul Emperor the Diwani which means right to collect the revenues for Bengal.

            All these are the introduction of Indian Economy in next article we will discuss on types of Economy systems and highlights of Indian Economy. so keep in touch with Awareness Adda. Thank you.