Consider the following statements with reference to India: 1. According to the 'Micro, Small and Medium Enterprises Development (MSMED) Act, 2006', the 'medium enterprises' are those with investments in plant and machinery between ₹15 crore and ₹25 crore. 2. All bank loans to the Micro, Small and Medium Enterprises qualify under the priority sector. Which of the statements given above is/are correct?

1. Statement 1: The definition of Micro, Small and Medium Enterprises (MSMEs) was revised by the Government of India, effective July 1, 2020, superseding the criteria based solely on investments in plant and machinery mentioned in the MSMED Act, 2006. The current composite criteria define Medium Enterprises as those with investment in Plant and Machinery or Equipment not exceeding ₹50 crore AND Annual Turnover not exceeding ₹250 crore. The range given in the statement (₹15 crore to ₹25 crore) is incorrect according to the current definition. Therefore, Statement 1 is incorrect. 2. Statement 2: According to the Reserve Bank of India's guidelines, bank loans extended to Micro, Small and Medium Enterprises (MSMEs) (as defined by the Government of India) are eligible to be classified under the priority sector. While there might be specific sub-limits or conditions, lending to MSMEs is a core component of the priority sector framework. The statement that 'All' such loans qualify is generally considered correct in the context of PSL policy intent. Therefore, Statement 2 is correct. 3. Since only Statement 2 is correct, the answer is (B).