Which of the following statement (s) is/are correct?
Statement 1: The GDP growth rate has increased in the economic reform period post 1991 in India.
Statement 2: The reform-led growth has not generated sufficient employment opportunities in the country.
Answer & explanation
Correct answer: option 3
The correct answer is option 3: Both statements are correct.
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The GDP growth rate has increased in the economic reform period post-1991 in India. Economic reforms led to higher growth rates in the GDP as the economy opened up and became more integrated with the global market.
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The reform-led growth has not generated sufficient employment opportunities in the country. Despite higher GDP growth, job creation has not kept pace with the needs of the workforce, leading to issues with unemployment and underemployment.