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 increased in the last decade. Which of the statements given above is/are correct?

Statement 1 is incorrect: The rate of growth of Real Gross Domestic Product (GDP) in India, or any economy, does not steadily increase over a decade. Economic growth rates are influenced by various domestic and global factors (e.g., economic reforms, global crises, natural disasters, policy changes) and tend to fluctuate significantly year to year. A steady, uninterrupted increase for an entire decade is highly improbable. Statement 2 is correct: The Gross Domestic Product (GDP) at market prices, when expressed in nominal terms (in rupees), generally shows a steady increase over a decade. This is because nominal GDP reflects both real economic growth and inflation. Even if real growth fluctuates, the combined effect of positive real growth and general price increases (inflation) over time almost invariably leads to a steady upward trend in nominal GDP figures. Governments also tend to show an increase in nominal GDP to reflect economic expansion.