Question : Assertion: Both India and Pakistan follow the mixed economy model.
Reason: Both initiated their development process on the basis of economic planning in 1947.
Option 1: Both assertion and reason are true, and the reason is the correct explanation of the assertion.
Option 2: Both assertion and reason are true, but the reason is not the correct explanation of the assertion.
Option 3: Assertion is true, but the reason is false.
Option 4: Assertion is false, but the reason is true.
Correct Answer: Both assertion and reason are true, and the reason is the correct explanation of the assertion.
Solution : The correct answer is (a) Both assertion and reason are true, and the reason is the correct explanation of the assertion.
Both the assertion and reason are true. India and Pakistan both follow a mixed economy model, which combines elements of both a market economy and a planned economy. They initiated their development process on the basis of economic planning in 1947, with the intention of guiding and promoting economic growth and development through government interventions and regulations while allowing for private enterprise and market forces to operate. The economic planning in the initial years played a significant role in shaping the mixed economy model adopted by both countries.
