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Q.

The ____ is defined as the economy in which both the private and the public sectors co-exist.


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Detailed Solution

A mixed economy is an economy in which both the private and the public sectors co-exist.
Creating a sophisticated industrial base and rescuing India and its people from poverty were two of the new country's goals. 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 primarily accepted. Here, the public and private sectors would contribute significantly and in a way that was complementary to boosting output and creating jobs.
 
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