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 in the last decade.
Which of the statements given above is/are correct?
- 1 only
- 2 only
- Both 1 and 2
- Neither 1 nor 2
Answer: (2) only 2
The Gross Domestic Product at market prices (in rupees) has steadily in the last decade.
India has the ninth-largest economy in the world by nominal GDP and the third-largest by purchasing power parity (PPP). At the present time, India is the world’s fastest growing economies. It will become the world’s third largest economy by 2030. India is one of the G-20 major economies and a member of BRICS.
The Indian economy is expected to grow at 7.8 per cent in FY 2015-16 and 8.2 percent in FY 2016-17.