Explanation:
India adopted a mixed economy framework where both public and private sectors coexist, with the government playing a regulatory and developmental role.
Explanation:
The current account includes merchandise trade, trade in services, primary income and secondary income (transfers). FDI, portfolio investment and ECBs are capital account items.
Explanation:
Ricardo assumed a single factor (labour), constant returns, and international immobility of labour, while labour is mobile within a country.
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