Consider the following statements in respect of the Fiscal Responsibility and Budget Management Act:
1.It lays down limits for revenue deficit and fiscal deficit as a percentage of GDP.
2.It applies to both Central and State Governments.
3.It does not permit the Central Government to give guarantees to loans raised by PSUs and State Governments beyond 0.5 per cent of GDP.
4.It prescribes an upper limit for the liabilities of the government.
Which of these statements are correct?