The correct answer is option 2: 0.5% - 1.0%. This means that the expenditure of the Government of India on health, as a percentage of GDP, falls within the range of 0.5% to 1.0%.

Option 1, "Less than 0.5%", suggests that the expenditure on health is below 0.5% of GDP, which is not the case.

Option 3, "1.0% - 1.5%", implies that the expenditure on health is between 1.0% and 1.5% of GDP, which is incorrect according to the given information.

Option 4, "More than 1.5%", suggests that the expenditure on health is above 1.5% of GDP, which is also not the correct answer.

Therefore, we can conclude that the Government of India currently spends between 0.5% and 1.0% of GDP on health.