Mishra G

Basic Characteristics of India as a Developing Economy We know that India is a developing country belonging to the Lower Middle-Income group. In this article, we will outline the basic characteristics of India as a developing economy. This will help us gain a better perspective of the Indian Economic conditions. In order to understand the Indian  Economic landscape, it is important to make note of some of the basic characteristics of India as a developing economy. These are as follows: Low Per Capita Income (PCI) According to the International Monetary Fund's Report, in 2017, India's PCI was $ 1983 and was ranked 140 out of 188 countries. Further, according to the World Bank's Report, in 2017, India's PCI was $ 1940 and was ranked 138 out of 184 countries. Occupational Pattern  One of the fundamental characteristics of India as a developing economy is that it is majorly primary producing. What this means is that a majority of the population is engaged in agr...