In the context of Indian economy, consider the following statements: 1. The growth rate of GDP has steadily increased in the last five years. 2. The growth rate in per capita income has steadily increased in the last five years. Which of the statements given above is/are correct?

Both statements are incorrect. Explanation: Statement 1: The growth rate of GDP has not steadily increased in the last five years. India's GDP growth experienced a significant decline, even contraction, during the COVID-19 pandemic (2020-21). While there has been a recovery since then, the overall trend over the last five years includes a major dip, not a steady increase. Statement 2: Similarly, the growth rate in per capita income also did not steadily increase. Per capita income growth is largely influenced by GDP growth. Given the economic disruption caused by the pandemic, per capita income growth also saw fluctuations and a dip, rather than a steady upward trend, over the last five years.