UPSC Prelims 2015 Economy

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?

Explanation

Statement 1 is incorrect: The rate of growth of real Gross Domestic Product has fluctuated over the decade. Statement 2 is correct: The Gross Domestic Product at market prices (in rupees) has steadily increased in the last decade. Thus, statement 1 is incorrect while statement 2 is correct.

Linked concepts

Revision pages for syllabus ideas tested in this PYQ.

National Income Accounting and Measurement in India National Income Accounting and GDP Measurement in India India's Macroeconomic Performance and Sectoral Dynamics Imported Inflation & Currency Depreciation Economic Slowdown and Macroeconomic Distress Global Crude Oil Prices and Domestic Fuel Pricing