Question

Statement 1: India is home to a significant number of billionnaires and ultra-rich individuals.

Statement 2: India is classified as a highly developed economy.

Read the above statements carefully and choose the correct option.

• A. Statement 1 is true and statement 2 is false
• B. Statement 2 is true and statement 1 is false
• C. Both statements are true
• D. Both statements are false

Answer 1

The correct option is A Statement 1 is true and statement 2 is false

India's richest 1% hold more than four times the wealth held by the poorest 70% as of 2020. A small percentage of ultra-rich individuals enjoy a disproportionate share of wealth in many democracies. In addition to this, the share of the rich that is a very small portion of the population is rising in recent times. India has a high amount of ultra-rich and ultra-poor