Consider the following statements and select the Fiscal Responsibility and Budget Management Act:
1. Centre can exceed the annual fiscal deficit target under the Escape clause of the Fiscal Responsibility and Budget Management Act.
2. The grounds for invoking Escape clause are only Natural calamity and National security.
3. The Escape clause has never been used before by any government.
Which of the statements given above is/are incorrect?
1
1 and 2 only
2
2 and 3 only
3
1 and 3 only
4
1, 2 and 3