This kind of Economy is known as Developing economy.
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.
