With reference to Economic Growth, which of the following statements is/are correct?

1. Indian Economy is an Underdeveloped Economy.

2. Indian Economy is a Mixed Economy.

3. J.M. Keynes is the Father of Economics.

Select the correct answer from the codes given below:

The Correct answer is Option 3. 

Key Points

Indian Economy is an Underdeveloped Economy.

• The Indian economy can be classified as an underdeveloped or developing economy, characterized by low per capita income, significant income disparity, and economic challenges such as poverty, unemployment, and slow industrial growth. However, it is gradually moving toward becoming a more developed economy. Hence Correct. 

Indian Economy is a Mixed Economy.

• India follows a mixed economy model, where both the public sector and the private sector coexist and contribute to economic development. The government plays a significant role in sectors such as defense, infrastructure, education, and healthcare, while private industries dominate in others. Hence Correct. 

J.M. Keynes is the Father of Economics.

• J.M. Keynes is a prominent economist but not the "Father of Economics." The title of "Father of Economics" is generally attributed to Adam Smith, known for his pioneering work in classical economics and for writing The Wealth of Nations (1776). Hence Incorrect  Hence Option 3 is Correct.