Consider the following statements:
The Fiscal Responsibility and Budget Management (FRBM) Review Committee Report has recommended a debt to GDP ratio of 60% for the general (combined) government by 2023, comprising 40% for the Central Government and 20% for the State Governments.
The Central Government has domestic liabilities of 21% of GDP as compared to that of 49% of GDP of the State Government.
As per the Constitution of India, it is mandatory for a State to take the Central Government’s onsen for raising any loan if the former owes any outstanding liabilities to the latter.
Which of the statements given above is/are correct?
a. 1 only
b. 2 and 3 only
c. 1 and 3 only
d. 1, 2 and 3