Consider the following statements:
Statement I: Private consumption contributes around 55% to India’s GDP growth.
Statement II: Private consumption refers to the expenditure by households on goods and services.
Statement III: Rural consumption has declined significantly due to falling agricultural production and minimal inflationary impact.
Which one of the following is correct in respect of the above statements?
1
Both Statement II and Statement III are correct, and both of them explain Statement I.
2
Both Statement II and Statement III are correct, but only one of them explains Statement I.
3
Only one of the Statements II and III is correct and that explains Statement I.
4
Neither Statement II nor Statement III is correct.