Consider the following statements : 1. 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. 2. The Central Government has domestic liabilities of 21% of GDP as compared to that of 49% of GDP of the State Governments. 3. As per the Constitution of India, it is mandatory for a State to take the Central Government's consent for raising any loan if the former owes any outstanding liabilities to the latter. Which of the statements given above is/are correct?

1. Statement 1 is correct. The FRBM Review Committee Report (headed by N.K. Singh) did recommend a target debt to GDP ratio of 60% for the general (combined) government by 2023. This target comprised 40% for the Central Government and 20% for the State Governments. 2. Statement 2 is incorrect. The Central Government's domestic liabilities as a percentage of GDP have historically been significantly higher than the combined liabilities of the State Governments. The figures presented (21% for Centre vs 49% for States) are contrary to the actual situation around that period; the Centre's share was much larger. 3. Statement 3 is correct. Article 293(3) of the Constitution of India explicitly makes it mandatory for a State to take the Central Government's consent for raising any loan if the former owes any outstanding liabilities to the latter (either direct loans or loans guaranteed by the Centre).