There are several ways to classify the economy of India, and different ways of categorization may yield different "types" of Indian economy. Here are three possible ways to classify the Indian economy:
Traditional economy: Prior to the onset of modern economic development, much of India's economy was based on traditional economic activities such as agriculture, handicrafts, and trade. These sectors continue to play an important role in the economy, especially in rural areas.
Mixed economy: As mentioned earlier, India has a mixed economy, which means that it has characteristics of both a market economy and a planned economy. In a mixed economy, the government plays a role in directing economic activity through policies such as regulation and planning, while at the same time allowing for private enterprise and market forces to operate.