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?

Statement 1 is correct: The Fiscal Responsibility and Budget Management (FRBM) Review Committee Report, chaired by N.K. Singh, indeed recommended a debt-to-GDP ratio of 60% for the general (combined) government by 2023. This target was further disaggregated, comprising 40% for the Central Government and 20% for the State Governments, as a measure for fiscal consolidation and sustainability.

Statement 2 is incorrect: Historically, the Central Government's domestic liabilities as a percentage of GDP are significantly higher than those of the State Governments. While specific figures fluctuate, the Central Government's debt-to-GDP ratio typically ranges much higher (often 45-55% or more) compared to the State Governments' (which might be in the range of 25-30% or less). The statement reverses this trend, making it incorrect.

Statement 3 is correct: Article 293(3) of the Constitution of India mandates that a State cannot raise any loan without the consent of the Government of India if there is still outstanding any part of a loan made to the State by the Government of India or in respect of which a guarantee has been given by the Government of India. This provision ensures the Central Government's oversight on State borrowings, especially when the State has outstanding liabilities towards the Centre.