Given below are certain facts about the Indian Economy. Select the option that provides INCORRECT information.

1. Indian Economy was liberalized by Prime Minister P. V. Narasimha Rao in 1991.
2. By nominal GDP, the Indian Economy is the fifth largest in the world.
3. The service sector is one the fastest growing sector and the largest employer of the Indian Economy.
4. Industrial manufacturing GDP output of India in 2015 was 6th largest in the world, according to the World Bank.