With reference to Indian economy, consider the following statements:
1. The rate of growth of Real Gross Domestic Product has steadily increased in the last decade.
2. The Gross Domestic Product at market prices (in rupees) has steadily increased in the last decade.
Which of the statements given above is/are correct?
-
A.
1 only
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B.
2 only
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C.
Both 1 and 2
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D.
Neither 1 nor 2
Correct Answer:
B. 2 only
Explanation:
Regarding the given statements about the Indian economy:
The rate of growth of Real Gross Domestic Product (GDP) has not steadily increased over the last decade. It has seen fluctuations with years of both growth and slowdown, including a dip during the COVID-19 pandemic in 2020-21.
The Gross Domestic Product at market prices (nominal GDP in rupees) has steadily increased over the last decade due to inflation and overall economic expansion.
Therefore, statement 2 is correct, and statement 1 is incorrect.
The correct answer is (b) 2 only.
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