Consider the following statements regarding Panchayati Raj System of India:

1. Panchayati Raj is the system of local self-government of villages in rural India as opposed to urban and suburban municipalities.

2. They are tasked with "economic development, strengthening social justice and implementation of Central and State Government Schemes including those 29 subjects listed in the Eleventh Schedule."

3. Punjab state was the first to establish Panchayati Raj System in India.

Select the correct answer using the code given below.