GyanGramWith reference to the India economy, consider the following statements: 1. The rate of growth of real Gross D…
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With reference to the India 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?
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• Correct Answer: B
• Nominal GDP at market prices has risen steadily due to inflation and output growth.
• Real GDP growth has fluctuated, with sharp dips during COVID-19 (2020-21), so it did not steadily increase.
• A, C, D are wrong because Statement 1 is factually incorrect.
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