Question
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
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Answer:
B
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Explanation:
The statement 1 is incorrect. The rate of growth of Real Gross Domestic Product (GDP) in India has not steadily increased in the last decade. It has experienced fluctuations, including a decline during the global recession in 2008 and other factors that impacted economic growth.
Statement 2 is correct, as the Gross Domestic Product at market prices has generally shown an upward trend in the last decade.