Q. It will be true to classify India as?
(a) A food-deficit economy
(b) A labour-surplus economy
(c) A trade-surplus economy
(d) A capital-surplus economy
Answer: b
India is classified as a labour-surplus economy because ofits large population and with an unlimited number of workerswilling to work at a subsistence wage. India is projected tohave a skilled-labour surplus of around 245.3 million workersby 2030, owing mainly to its vast supply of working-agecitizens and government programmes to boost worker’s skills.
Related:
Which of the following is main characterstics of Indian Economy?
In which of the following years was ‘Planning Commission’ replaced by ‘NITI Aayog’?