With reference to Economic Growth, which of the following statements is/are correct?1.Indian Economy is an Underdeveloped Economy.2.Indian Economy is a Mixed Economy.3.J.M. Keynes is the Father of Economics.Select the correct answer from the codes given below:

1. A

   Only 1 and 2 are correct.

   Option (a) claims that statements 1 and 2 are correct while statement 3 is incorrect. This is the official key because India is traditionally classified as a developing or underdeveloped economy with low per capita income and widespread poverty, and it also operates as a mixed economy where both public and private sectors coexist. Adam Smith is universally recognized as the Father of Economics, making statement 3 false since J.M. Keynes is known as the father of modern macroeconomics.

2. B

   Only 3 is correct.

   Option (b) claims that only statement 3 is correct. This option is incorrect because statement 3 wrongly attributes the title of Father of Economics to J.M. Keynes instead of Adam Smith, and it ignores the valid economic classifications in statements 1 and 2.

3. C

   Only 1 is correct.

   Option (c) claims that only statement 1 is correct. This option is incorrect because while statement 1 correctly describes India's economic status, it erroneously leaves out statement 2, which accurately identifies India as a mixed economy.

4. D

   Only 2 and 3 are correct.

   Option (d) claims that statements 2 and 3 are correct. This option is incorrect because statement 3 is factually false regarding the father of economics, rendering this combination invalid.

Summary. Official key is (a) because the Indian economy features characteristics of an underdeveloped nation alongside a mixed economic framework where the state and private entities operate together. Statement 1 correctly identifies India as an underdeveloped economy in terms of structural development parameters. Statement 2 accurately describes India as a mixed economy. Statement 3 is incorrect because Adam Smith is the Father of Economics, whereas J.M. Keynes pioneered macroeconomics.