With reference to Indian economy, consider the following statements : 1. The Gross Domestic Product (GDP) has increased by four times in the last 10 years. 2. The percentage share of Public Sector in GDP has declined in the last 10 years. Which of the statements given above is/are correct?

1. Statement 1: Claims India's Gross Domestic Product (GDP) has increased by four times in the last 10 years (relative to 2010, i.e., 2000-2010). India experienced strong GDP growth during this period, but achieving a fourfold increase (implying an average annual growth rate significantly above 14-15%) in nominal or real terms over 10 years is highly unlikely and an exaggeration. Growth was substantial but not of that magnitude. This statement is incorrect. 2. Statement 2: Claims the percentage share of Public Sector in GDP has declined in the last 10 years (2000-2010). Following economic liberalization in 1991, the role and relative size of the private sector in the Indian economy expanded significantly, while the growth in the public sector was comparatively slower. This led to a gradual decline in the percentage share of Public Sector contribution to the overall GDP. This statement is correct. 3. Since only statement 2 is correct, the answer is (B).