Economics · National Income and Global Rankings
Consider the following statements regarding India's position in the global economy: Statement I: India has become the world's fourth-largest economy based on real GDP (PPP-adjusted) rankings, primarily due to higher growth rates compared to advanced economies. Statement II: Global rankings that place India ahead of Japan are based on nominal GDP, which measures the value of goods and services at current prices and prevailing exchange rates. Which one of the following is correct in respect of the above statements?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Statement I is correct, but Statement II is incorrect
- 2Statement I is incorrect, but Statement II is correct✓
- 3Both Statement I and Statement II are correct, but Statement II is not the correct explanation for Statement I
- 4Both Statement I and Statement II are correct, and Statement II is the correct explanation for Statement I
Correct answer
Statement I is incorrect, but Statement II is correct
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