In a [[1]] economic model, state and privately owned businesses work together to control the ownership, production, exchange, and distribution of goods across the country.

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Detailed Solution

In a mixed economy, state and privately owned businesses work together to control the ownership, production, exchange, and distribution of goods across the country. A mixed economy monitors the influence of monopolies. The government established a Planning Commission in 1950 to assist in developing and implementing effective economic development plans. The concept of a "mixed economy" was largely accepted. Here, both the public and private sectors would contribute significantly and in a way that was complimentary to boost output and create jobs. The Planning Commission was to specify what these tasks were to be, including which sectors should be started by the state and which by the market and how to strike a balance between the various regions and states. India is presently recognised as having a mixed economy due to the coexistence of the private and public sectors there, as well as the country's reliance on international trade.

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