Multiple choice

Which of the statements is correct?

  1. The tertiary sector contributes the maximum to the GDP.

  2. India is a basically a socialist economy.

  3. The distribution of income and wealth in India is quite equitable.

  4. None of these
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A Correct answer
Explanation

The tertiary (services) sector contributes the maximum to India's GDP, accounting for over 50% of economic output. India is not a basically socialist economy - it is a mixed economy with both public and private sectors, increasingly market-oriented since 1991 liberalization. Income and wealth distribution in India is highly unequal, not equitable, with significant disparities across regions and social groups.

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