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    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/arc correct?

  • I only
  • 2 only
  • Both 1 and 2
  • Neither I nor 2
  • Explanation:

    Due to the 2008 financial crisis, the rate of growth of real GDP decreased. So, statement 1 is false. Statement 1 is true. Even though the rate of growth real GDP decreased, the actual GDP at market prices kept increasing. Please note carefully that statement 1 is about rate of growth (of real GDP), while statement 2 is about actual GDP (at market prices).