Why is India economy regarded as an under developed economy?  State its basic characteristics.

India is often regarded as an underdeveloped or developing economy, despite being one of the largest and fastest-growing economies in the world. This perception is primarily based on various socio-economic indicators and characteristics that highlight persistent challenges and structural weaknesses in the economy. To understand why India is considered underdeveloped, it is essential to explore its basic characteristics and the factors contributing to this status.

1. Low Per Capita Income

One of the primary indicators of an underdeveloped economy is low per capita income. India's per capita income remains significantly lower than that of developed countries. According to the World Bank, India’s Gross National Income (GNI) per capita was approximately $2,170 in 2020, which is much lower compared to the global average. This low per capita income reflects widespread poverty and limited access to resources for a significant portion of the population.

2. High Population Growth Rate

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