Consider the following events: 1. The first democratically elected communist party government formed in a State in India. 2. India's then largest bank, 'Imperial Bank of India', was renamed 'State Bank of India'. 3. Air India was nationalised and became the national carrier. 4. Goa became a part of independent India. Which of the following is the correct chronological sequence of the above events?

Let's determine the chronological order of the given events:

1. The first democratically elected communist party government formed in a State in India: This refers to the formation of the Communist Party of India (CPI) led government in Kerala under E. M. S. Namboodiripad. This happened in 1957, following the first general elections after the reorganization of states.

2. India's then largest bank, 'Imperial Bank of India', was renamed 'State Bank of India': The Imperial Bank of India was nationalized and renamed the State Bank of India through the State Bank of India Act in 1955.

3. Air India was nationalised and became the national carrier: Air India was nationalized along with other private airlines in 1953, under the Air Corporations Act, 1953, creating Air India and Indian Airlines as national carriers.

4. Goa became a part of independent India: Goa, along with Daman and Diu, was liberated from Portuguese rule through a military operation (Operation Vijay) and integrated into India in 1961.

Arranging them chronologically:

Air India nationalised (1953) - 3 Imperial Bank renamed SBI (1955) - 2 First communist government in Kerala (1957) - 1 Goa became part of independent India (1961) - 4 The correct sequence is 3-2-1-4.