Which one of the following statements is incorrect?

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Q: 115 (CDS-II/2015)

Which one of the following statements is incorrect?

question_subject: 

Economics

question_exam: 

CDS-II

stats: 

0,20,40,20,11,16,13

keywords: 

{'defence budget': [0, 0, 0, 1], 'largest importer': [0, 0, 0, 1], 'gdp': [0, 0, 0, 1], 'imports': [0, 0, 0, 1], 'defence equipment': [0, 0, 0, 2], 'india': [8, 1, 7, 13], 'capital acquisitions': [0, 0, 0, 1], 'certain financial powers': [0, 0, 0, 1], 'army staff': [1, 0, 1, 5]}

The provided answer is correct. Option 1 is incorrect because India is not the third largest importer of defense equipment. It is one of the largest importers, but not the third largest.

Option 2 is correct as India does meet more than 50 percent of its defense equipment requirements through imports. This indicates that India relies heavily on imports for its defense needs.

Option 3 is also correct as the defense budget for 2015-2016 did account for less than 2 percent of the GDP. This suggests that defense spending is a relatively small proportion of India`s overall economic output.

Option 4 is correct as certain financial powers are indeed delegated to the Vice Chief of Army Staff for capital acquisitions. This allows for quicker decision-making processes in acquiring necessary defense equipment.

In summary, options 2, 3, and 4 are correct while option 1 is the incorrect statement.