Economy
2015
Basic Economic Terms
National Income India
With reference to India economy, consider the following statements:
- The rate of growth of real Gross Domestic Product has steadily increased in the last
- The Gross Domestic Product at market prices (in rupees) has steadily increased in the last decade
Which of the statement given above is/are correct?
C.Both 1 and 2
B.2 only
A.1 only
D.Neither 1 nor 2
Correct Answer: Option B
The rate of growth of the Indian economy declined following the 2008 recession, falling from 8-9% to 5-6% for the next few years.
Therefore, statement 1 is incorrect, as the growth rate did not steadily increase.
Even though the growth rate declined, it remained positive. Thus, the Gross Domestic Product at market prices (in rupees) has increased year on year in the last decade.
Therefore, statement 2 is correct.
Hence, only statement 2 is correct.
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