Which of the following statements is/are correct in relation to the Gini Index?

1. Gini Index measures the extent to which the distribution of income among individuals or households within an economy deviates from a perfectly equal distribution.
2. A Gini Index of 0 (zero) represents perfect equality, while an index of 100 implies perfect inequality.

Gini Index measures the extent to which the distribution of income (or, in some cases, consumption expenditure) among individuals or households within an economy deviates from a perfectly equal distribution. The Gini Index measures the area between the Lorenz curve and a hypothetical line of absolute equality, expressed as a percentage of the maximum area under the line. Thus, a Gini Index of 0 represents perfect equality, while an index of 100 implies perfect inequality.