Answer:
This kind of Economy is known as Developing economy.
Step-by-step explanation:
- A nation like India that was a cultural and mainly agricultural driven nation has now turned its economy to the tertiary sector and more limited on agriculture though the agriculture still continues the spine of the economy.
- But as the country has reached a self-sufficient in terms of the agricultural and the food self-sufficiency and onset of the stage of Globalization and industrialization the economy of India is set to reach a high mass consumption phase.
- This can also be seen as the onset of the period of the green revolution in India.