With reference to the Finance Commission in India, consider the following statements:
1. The Finance Commission in India is a statutory body established under Article 280 of the Indian Constitution.
2. It is responsible for establishing the principles governing grants-in-aid to the States from the Consolidated Fund of India.
Which of the statements given above is/are correct?
1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 nor 2