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 Government. 2. The Central Government has domestic liabilities of 21% of GDP as compared to that of 49% of GDP of the State Government. 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 letter. Which of the statements given above is/are correct?

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UPSC Question: Consider the following statements:...

Consider the following statements:

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 Government.
The Central Government has domestic liabilities of 21% of GDP as compared to that of 49% of GDP of the State Government.
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 letter.

Which of the statements given above is/are correct?