Statement 1 is correct:
The Fiscal Responsibility and Budget Management (FRBM) Review Committee, chaired by N.K. Singh, submitted its report in 2017. It recommended a combined debt-to-GDP ratio of 60% for the general (combined) government by 2023. This target was further broken down into 40% for the Central Government and 20% for the State Governments, aiming for fiscal consolidation and sustainability.
Statement 3 is correct:
Article 293(3) of the Constitution of India mandates that a State Government must obtain the consent of the Government of India before raising any loan if there is any outstanding part of a loan made to the State by the Government of India or a guarantee given by it. This provision ensures central oversight and fiscal discipline for states with existing liabilities to the Centre.
Statement 2 is incorrect:
The figures presented in statement 2 are factually inaccurate. The Central Government's domestic liabilities as a percentage of GDP are significantly higher than 21%, typically ranging around 45-50%. Conversely, the State Governments' domestic liabilities as a percentage of GDP are considerably lower than 49%, generally in the range of 25-28%. The statement reverses the relative magnitudes of debt for the Centre and States and provides incorrect specific percentages.