In the context of the Indian economy, non-financial debt includes which of the following? 1. Housing loans owed by households 2. Amounts outstanding on credit cards 3. Treasury bills Select the correct answer using the code given below:

1. Non-financial debt refers to the total debt held by entities other than financial institutions. This typically includes debt owed by households, non-financial corporations, and the government. 2. Statement 1 (Housing loans owed by households): Households are non-financial entities. Housing loans represent debt owed by them. Therefore, this is included in non-financial debt. 3. Statement 2 (Amounts outstanding on credit cards): This represents debt typically owed by households (or non-financial businesses) to financial institutions (banks/card issuers). Since the borrower is a non-financial entity, this debt is part of non-financial debt. 4. Statement 3 (Treasury bills): Treasury bills are short-term debt instruments issued by the government. The government is considered a non-financial entity in this classification. Thus, government debt, including Treasury bills, is part of non-financial debt. 5. Therefore, all three items listed are components of non-financial debt in the Indian economy.